Flow (smart transaction automation for your bank accounts)

This looks interesting

https://flowyour.money/

A bit like IFTTT, but more useful.

6 Likes

Looks very interesting, I’ve signed up for the wait list

3 Likes

One to keep an eye on.

But at present I “flow” my money already using Standing Orders… not sure where the value add will be.

It does look interesting but there’s minimal information there. I’d like to understand what they will be able to do that I can’t use the bank itself for before thinking about getting too keen.

1 Like

I hate waitlists.

2 Likes

From the limited info on show, use incoming transactions as a trigger and sweep remaining balance on payday. Both are functions that are in demand but could also pretty easily (I assume) be done by ifttt or monzo if they put a bit of time to it.

Looks like something that could add a bit of useful functionality but could also become surplus pretty quickly

1 Like

I don’t always get paid at midnight can be few hours later, this can cause my standing orders to fail and I will have to do it manually anyway. Flow will be good to avoid this.

2 Likes

Flow it will be good if it doesn’t just trigger a
Transaction when say salary comes in, but if i set % of the salary to say bills and it worked it out from then amount that I was to get paid that month.

1 Like

Both could be useful, i’d say a set figure is necessary as bills aren’t likely to change just because you got paid a bit more or less, but as far as savings go you might want to save a percentage of your salary

It was just an example but yeah the main use case of % will be savings

Hi Guys, Flow here!

Really nice that you found us. We’re actually Monzo fans as well, Monzo is the first UK bank we are planning to connect when we are expanding to your country actually. You might know us from the work we did on Yolt, a financial money manager that launched in the UK.

To answer some of your questions:

“What is the value add of Flow over Standing Orders?”

A lot of banks offer “pots”, “vaults” or simply let you create multiple current accounts for budgetting and saving purposes. We believe dividing your money over different pots is an essential way to get a grip on your money life. However:

  • Filling these pots by hand is a hassle
  • Filling these pots “automatically” by Standing Orders is an option, but it’s not intelligent, for example: what if your salary or freelance invoice comes in late. Or what if you still have money in your groceries-budgetting account, you want to fill this pot to a certain amount.

These things and more are possible with Flow. Transfer based on keywords, account numbers, amounts. Set up percentage based transfers, fixed amount transfers, tranfers that take into account balances in destination accounts etc.

Some practical examples are:

  • Setting apart your freelance tax into seperate accounts when an invoice comes in
  • Refilling your groceries budget when your salary comes in
  • Doing the one cent challenge automaticlly: 1 cent on day one, 2 cents on day 2 etc.
  • And many more.

“I hate waitlists”

So do we. We’re technically ready to launch our app after doing a beta. But in order to connect with all European banks, we need a PSD2 license first. Just like how Monzo had to get a banking license. So in the mean time we have a waiting list which ensures your position in the que as well as keep you informed on updates.

If you have more questions, drop them here or mail us at hi@flowyour.money or sign up at flowyour.money

11 Likes

Will it be possible to use your services on our personal accounts AND joint accounts within monzo?

Hi Andy,

That depends on how the Monzo API works for us. We’re not yet investigating this at this point.

2 Likes

I can see many valid use cases solved by Flow and I agree that current system of standing orders is inflexible.

I can see the hole in the market for this kind of service - even after/if Monzo implements this internally or via IFTTT I still see the value in Flow being bank-agnostic and providing much better UX (compared to IFTTT) + I reckon there are many traditional banks which will never implement anything like this nor integrate with IFTTT.

The ecosystem of banks they integrate with will be crucial for their success IMO.

@Flow-app It looks like your T&C is in Dutch :smile: even though the rest of the website is in English
https://flowyour.money/terms/ That’s not intentional, is it?

2 Likes

Looking forward to this service guys. Think it would be incredibly useful for my household

1 Like

@Flow-app Thanks for dropping by. Will you be able to action bank-to-bank transfers, or will it just be transfers between different accounts (e.g. current account and savings account) held by the same individual at a particular bank?

I feel since Monzo has/is dropping the ball in regards to IFTTT this might be a nice way to get the functionality that I want
EDIT:@Flow-app I assume there will be the ability to mark incoming transactions and transfer them to the right pot?

1 Like

Hi Radek, Thanks for your kind reply.

That’s exactly how we see it as well. We embrace banks that offer (simple) automation themselves, but we are going further than that. Because of Open Banking and PSD2 people will use even more different banks. A platform that is bank-agnostic (and is intended for money automation) will be essential for those that want to do more with their money.

As for the T&C, we actually translated it to :uk:, but didn’t put it online yet. I’ll let you know when it’s online!

Hi o99,

In the first phase we’ll let you transfer between your own accounts—across different banks. In the future we could offer the ability to also transfer money outside of your own accounts. Is this something that you need? What use cases do you have in mind?

1 Like

IFTTT integration with your bank is awesome. But a full money automation app that works with different banks is something else :slight_smile:

And yes, that’s totally something you can do with Flow. What use cases do you have in mind that you can’t pull of with IFTTT?