We’ve been working on a simpler way to move money into your Monzo account from other major UK banks. We’re calling it easy bank transfer, and it’s available in Monzo Labs for you to try and help us test!
We’re looking for your feedback to help us iron out any issues, and to make sure it’s ready to bring out to everyone in a couple of weeks.
@mycl and @kieranmch from the Open Banking team are here to answer any questions!
Connected Cards only supported credit cards, it wasn’t really generic account aggregation and as you noted, it relied on TrueLayer. As we believe Open Banking will be a core part of the Monzo experience in the future, we chose to build this in house to have as much control as possible on the experience (and of course, save money).
This is very cool and seems to work very well so please don’t take this as criticism but it’s not much easier than going through the external banks app and transferring the money (if you already have Monzo set up as a payee).
Is there a possibility of the auth step not being needed after the first Easy Transfer in the future or is it required under open banking?
I posted this on the ‘New Feature’ thread but am not able to get NatWest transfers working. I initiate the request and go through the flow (a transfer is initiated with a transaction reference) but am redirected back to Monzo where I’m presented with the same ‘agree and continue’ screen. If I tap that, I’m redirected back to NatWest and receive the error shown.
(🏳️🌈 Producer of "low value commentary")
Perhaps we could have a post which details the accounts/banks currently supported, as well as detail about any “in work” or “future”?