Monzo is now a direct BACS participant

Continuing the discussion from UK Roadmap:

Looks like this has happened:

(From this page)

Well done @arthur-ceccotti and team! :tada:

(Just cheque imaging to do now! ducks :joy:)

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Possibly a silly question, are the two linked by any means?

I’m not familiar with the tech side of this stuff :sweat_smile:

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You’d have to ask your tech friends (looks pointedly at Slack)!

That said, I don’t think there are any participants for cheque imagining that aren’t also In BACS. But whether that’s correlation or dependency I don’t know!

Update! No they are not:


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Interesting that Bacs and faster payment are separated. And that Chase is not listed, and JP Morgan is only part of faster payments. I wonder if Chase too are using someone else for BACS.

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Not sure how this benefits the everyday person who banks with Monzo but it sounds good nevertheless! :pray::pray:

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Also proper support for receiving international payments.

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Monzo IBAN next? :pray:t2:

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I mean staff have an IBAN number don’t they @Carlo1460 :eyes::sweat_smile:

The Iban generated via wise is no different to the one I had, as far as I know you can still receive, however we don’t offer support for it so we refer to Wise to handle these.

I’ve no idea where we are with support for this any time soon, if at all.

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IBAN numbers are predictable - one can generate one out of sort code and account number. However, that doesn’t mean that SEPA payments to said IBAN work and if routing to the correct intermediary and correspondent banks happens.

It is clearly stated that Monzo doesn’t support these. Hence I bet each time attempts are made the messages w.r.t. said transfer get clogged up in the system.

Sounds like a good thing to me. You’d think this will also save monzo some money in the long run?