Integration with peer to peer lenders


(albert higgins) #1

Hi,
I’m currently with hsbc(for the visa contactless/credit card) have a revoult card(for everyday spending) and savings in a zopa account(where i put my excess savings each month). I’m more than ready to move all this to a new bank (you or one of the others). I just have three questions.

  1. To confirm will you have spending analytics similar to mint of moven in the US. Besides the convenience of not juggling multiple accounts which is a pain, having good spending analytics which help me to manage my money and save is my main concern and the only big thing i cant currently do.

  2. Will you either integration with p2p lenders like zopa (where you can have a button which sends excess money to be invested there), or you guys offer similar rates (3-5%). On a side note do you have any plans to offer ISA’s.

  3. Will there be an option to have a contactless card or visa as i’ve sometimes found places which dont accept mastercard.

Thanks again and as a follow up do you have a date when i can join yet?

Regards,
Albert


(Josh Bray) #2

The analytics is one of Monzo’s best points. Just look at some of the features. (Just look in the forums )
Atm therw isn’t any plans to do any ISAs, they just want to focus on a current account.
Monzo will be a MasterCard debit card. Most places will accept MasterCard, it’s credit cards they don’t accept just show the back of the card which shows the MasterCard debit hologram. They shouldn’t have any more issues


(albert higgins) #3

Excellent good to hear!


#4

I found places abroad that would not accept Visa so was glad when a couple of my banks moved over to MasterCard. As for your point about contactless I am sure all Monzo cards will be when they start their current account, but I found it infuriating recently when travelling in EU where some countries did not have MasterCard PayPass or Visa PayWave


#5

As well as integrating with firms like P2P lenders it would be good to link to crowdfunding sites such as CrowdCube and Seedrs


(Alex Sherwood) #6

Tom’s talked about the opportunities for integrating with other providers of services, that :mondo: won’t offer themselves, in this video

The beauty of an open API, with OAuth authentication, is that there doesn’t need to be a formal business agreement between the two companies. All the lender needs is the ability to process the data from :mondo: & then once the user’s given permission, Monzo will share it.

My guess is that internal or external developers for companies like the P2P lenders you’ve mentioned will build apps to enable the link between the two companies, once :mondo: has a large enough user base to make this commercially viable.