Faster Payments

(Mike) #1

Yo Mondo,

Any news on timelines on Faster Payments capability? I’m assuming, once it’s on, it will be part of the API?

Be interesting to hear what the challenges are around that.


What We Know About the Current Accounts & Debit Cards / FAQ :bank: :credit_card: (open Wiki)
(Tristan Thomas) #2

Hey Mike,
As far as I understand it, Faster Payments is unlikely/can’t happen until we get our banking license (hopefully) next year. I imagine that would be a part of the API but am not the expert! Maybe @tom or @jonas will have a better answer :slight_smile:

(tom) #3

I guess we’re talking about making outbound Faster Payments? You can already receive an inbound Faster Payment the details on the Top-Up screen in your app.

We’d like to add Faster Payments and Direct Debit functionality to your account - probably some time in the first half of 2016. Each Mondo card will come with a unique account number and sort-code.

As for API access, that’s a slightly trickier question. In particular, we’ll need to look at adding multi-step confirmation or relatively strict limits to outbound payments. The danger is that a developer goes rogue and empties people’s accounts instantly. For example, we might ask for in-app confirmation - “Your accountant wants to move £3,000. Do you agree?”

Card name - Online Shopping
(Mike) #4

Yeah I did mean outbound. Is the banking license a prerequisite for Faster Payments?

Perhaps there’s a way to use OAuth scopes for third parties to negotiate with customers access to make payments for amounts split into bands ie. < £20, < £100, > £100, etc?

(Tristan Thomas) #5

Faster Payments will definitely be in current account launch :slight_smile: As will Increased limits (of some type). I’m pretty sure cashback will be supported too by virtue of it being a debit card but @rdingwall can confirm.

I haven’t read all of these properly yet so don’t take me not mentioning them as a sign!

Withdraw Limits - Current Account
Spend and pay in limits for new current account
ATM limit
Starling Feedback
Couple questions that I have regarding Monzo
What We Know About the Current Accounts & Debit Cards / FAQ :bank: :credit_card: (open Wiki)
USA ATM Monthly limit
(Alex Sherwood) #6

I’ve just moved Tristan’s post here (he was causing technical difficulties :eyes:)

from here -

(Richard Dingwall ) #7

That’s correct - we’re working hard to make sure our Monzo debit cards support everything that is technically possible with a debit card :slightly_smiling_face: (including a few cool surprises!)

Terminal Decline : Why Some Payments Fail
What We Know About the Current Accounts & Debit Cards / FAQ :bank: :credit_card: (open Wiki)
(Marta) #8

Please do tell! I know that if it was official, Monzo would share it already, but it doesn’t hurt to ask!

(Andy Little) #9

In app confirmation sounds perfect.

Perhaps also trusted accounts? For example 12-34-56, 12345678 is my ISA, always allow money to move to it.

(Richard Dingwall ) #10

As soon as we can :slight_smile: :soon:

(Marta) #11

Damn, clever plan to use cute cat didn’t work. :crying_cat_face:
I understand though!

(James Billingham) #12

@tristan @rdingwall Just to confirm - if a bank account doesn’t support receiving money by FPS, will Monzo support transfer to that account via BACS at launch?

(Richard Dingwall ) #13

We will support BACS, Chaps and FPS at launch.

What We Know About the Current Accounts & Debit Cards / FAQ :bank: :credit_card: (open Wiki)