Excellent update Jami, just one thing id like to get clarified if possible.
Once the banks share their new open apis will you be removing TrueLayer as a partner and use your own in house connections?
I’d much prefer this than to using another third party (truelayer)
Our plan for now is to stick with TrueLayer.
They make the migration from one method of connection to the other much quicker and easier, and will also reduce the work needed to add new banks once they provide APIs.
Given there’s so much changing with Open Banking, and there will likely be teething issues, we think it makes more sense for us to let TrueLayer do what they do best, and for us to focus on Monzo-specific problems - instead of us dealing with integration issues multiple times for all the different banks.
They’ve just posted a new status summary - spoiler: they’re still not ready!
That makes sense, but who is responsible if there’s ever a data breach for our details that we’ve passed on to TrueLayer? Will Monzo let us know or are we wholly reliant on a third party here?
Also, do you vet TrueLayer’s security and accreditation?
I imagine Monzo would behave as they did when there was a data breach from another supplier – Typeform.
They apologised, informed everyone affected and the Information Commissioner’s Office, and would have taken the necessary precautions to protect the bank from fraud.
The use of this is entirely optional so we have the ability to run to our own level of risk aversion, fortunately.
Yes that’s what he meant
thanks - will edit 
Hey Jami,
Thanks for the update on this. Obviously the next steps will be to get all these new APIs connected and sort out teething problems…but have you thought about what’s the next step after that?
Is transaction information still on the backlog? Or is that reliant on a more stable version of the new design?
TrueLayer have full FCA authorisation to provide these type of services
https://register.fca.org.uk/shpo_searchresultspage?preDefined=AIPISP&TOKEN=3wq1nht7eg7tr
For those interested in which banks TrueLayer can currently connect to via OpenBanking, there’s a table here…
https://truelayer.zendesk.com/hc/en-us/articles/360025108713-Which-banks-are-you-integrated-with-
Well, there must have been something else going on. It works again now although the balance is out of date. Hmmm.
Edit: And now it’s correct. Happy days.
- Open Banking and oAuth where open API’s are used and where the authentication lies on the bank’s side.
The “legacy” banks all appear to be in the Open Banking table with Monzo and Starling in the oAuth table
Are the two challenger banks opening up their data in a different way? If HSBC wanted to see Monzo data are they using oAuth rather than Open Banking?
I’ve never understood what the difference is between open banking and oauth and why Monzo and Starting are considered different from the others.
Hopefully someone knowledgeable in this can comment.
So I’ve dived in and gotten myself a credit card. Setup on Monzo with this was incredibly easy (Barclaycard) which is ace. I know there’s been lots of requests for seeing transactions and paying off the bill from within monzo which would all be great, but I think for me the best improvement would be a setting to allow the negative balance to be taken off my main account ‘spent today’ figure.
I think this would make summary actually usable for credit card spenders and up the amount of people who use it hopefully.
As long as you could choose which cards do that and which don’t.
The one I currently have connected is a 0% card for big purchases - so I definitely wouldn’t want that to be deducted in Summary.
Summary integration would be really really confusing unless it could be segregated into what was due for payment in which month. Just tracking the balance across or even daily transaction detail would be horrible!
Making the Credit Card committed spend accurate for each month is all I really want.
Yeah I’m not bothered about it being categorised or the transactions going into summary at all, just the total amount as a predicted committed spend that changes as you spend on your credit card.
I would find this very useful!
