I just thought of this this morning. The Monzo API is fantastic - real time access to your account. And now they do business accounts - that’s lightning in a bottle. You can now do this - imagine you go to an online store, pick a few items, enter your delivery address, delivery by tomorrow etc, etc, then you come to the payment part. Strangely alongside MasterCard and Visa is ‘Bank Transfer’. Bank transfer? For an order coming tomorrow? Won’t that take hours for customer services to verify the transaction? Whatever.
So you click on Bank Transfer and it asks you for your sort code and last four digits of your account number. You’re then given the company account to send the money to. Just below that is some text that says ‘Checking for your payment…’. The customer sends in the money then and there by mobile banking, then the website back end uses the Monzo Api to see the incoming transfer and you can see the bank account and sort code it came from so you can instantly verify it is that customer. The page refreshes immediately with an order confirmation.
That’s every bit as fast as MasterCard or Visa. No chargebacks. No fees. And it’s instant. It could change the face of commerce