I have spent the last few days bashing my head against a brick wall with conventional banks. I am about to launch an eCommerce website for a particular sport where competitors can book their entries online. To keep entry costs down, competitors can pay via BACS/Faster Payment (paypal etc charge too much commission to work for us). I need an account to receive these payments.
So far so good - all banks can do this. However I need my website to automatically match payments received to entries so we know who has paid and who needs chasing. All I need is a list of transactions with amount and reference number. All the major high street banks provide such a list on their online banking sites (as csv files). However here is that catch: In order to transfer this data from one computer to another, I have to sit down at a computer, log on and download the file, then upload to my website - not very automated. Not one high street bank offers the ability for one of my servers to automatically download the data.
Monzo provides a developer API that does just that. Brilliant! I can have my server use this (if necessary at intervals throughout the day) to scan for payments without any human intervention. Exactly what I want. The question I have is: 1) can online payments be made to a Monzo account (eg using sort code and account no) and 2) Must the account be in my personal name or can I open it using the website name?
Other than the above, I have no special requirements for the account - just electronic payments in and electronic payments out. Simple really.