Incoming BACS payments


(Caspar Aremi) #1

My expenses from work came into my account a day earlier than they usually do. It was sent yesterday (Wednesday) and normally it comes in two days later - so I expected it tomorrow (Friday), as it’s always done with the previous accounts I’ve used.

I just wondered if this was a fluke, or do Monzo credit earlier than the legacy banks do with their overnight processing of payments?

It was very nice to get a notification about it rather than having to constantly log into my account to check if it had arrived yet like I’ve always had to do in the past!


#2

One of the great things that Monzo promised back when the original Alphas was announced was a full-stack banking experienced that avoided all of the things that slowed down old banks and made use of the full range of data available from POS and payment systems.

I’d assume that what we’re seeing here (and people have reported the same thing with payments - see Receiving Salary in CA) is that companies build their pay dates around the fact that the legacy banks process slow! Monzo just happens to process the data much quicker :wink:


(system) #3

This topic was automatically closed 180 days after the last reply. New replies are no longer allowed.