Out of curiosity, is there a message in the feed or something to let customers know about the feature. Or are you leaving it quiet and waiting for customers to discover it themselves?
There’s no active promotion of the feature at the moment, but we might do some after we have fully rolled out.
As you might expect this is the same with First Direct.
Every easy bank transfer performed creates a new payee with a different reference. I have four new payees already … i’s crazy!
I guess the banks have never had to ‘pattern match’ new payees before because they’ve always been created by customers directly in their won app/web page. This is the first time that external creating has been possible so they’re just not set up for it.
There was one bank a few years back (I don’t remember which but probably NationWide) that would make a new payee every time you needed a different reference. I suspect it is just remnants from an era of archaic payee management.
I’ve never had that with Nationwide. I’ve definitely had it with other banks though. Actually, maybe First Direct…
I must be mistaken with my NationWide accusation then! It was so long ago I have no idea which bank it was. I just disliked NationWides online banking experience so much that I’ve grown accustomed to blaming NationWide for everything bad about online banking.
Not really, there are sometimes very good reasons customers might want the same payee to appear more than once - but with a different reference number.
Monzo really need to change their system so that the reference is consistent to avoid this - though I know @kieranmch has said the current set-up is temporary to help with troubleshooting.
A Monzo tweak would work around it, sure, but only if I didn’t want different references. To fix it properly, the “other” bank needs to get smarter about it’s payee management.
That would mean that everyone who tries this now and already has Monzo set up as a payee would find their payee reference changed - which I assume most will not want to happen.
I think this is one situation that Monzo will have to conform rather than expect the rest of the industry too.
It’s not Monzo doing anything to modify payee details, it’s the other bank. If Barclays or whoever decide to fettle with the payee it’s nothing to do with Monzo.
No it wouldn’t.
Well it would if that’s your assumed solution. My assumed solution was:
IF payee exists THEN
Leaving the existing payee alone completely (with the saved reference used in previous push transfers) is the best outcome I can see.
I’ve already agreed that the Monzo work around would work but, again, only if the customer is happy to use the same reference every time. It’s not a ‘proper’ solution.
This is pretty much what I would expect to happen…
I’d be interested to know where the reference originates… is it generated by Monzo of the other bank…
Monzo are doing it at the moment as part of their test data. There’s some staff posting on the topic further up. It may go away later or become user entry or something.
Maybe it is intended to be a transaction reference rather than a payee reference…
Its just to flag the transaction if there are any problems. It’ll likely be removed eventually and you can add any reference you like.
Assuming they allow you to input the reference inside the Monzo app (and they remember it like they do for outgoing transfers), then this should solve that problem, among a few others that might crop up.
Ideally other banks need to start fixing their archaic payee management systems!
The second feature of our new Open Banking platform is Account Aggregation! Launched today as part of Monzo Plus…
Congratulations on thr launch! It’s looking as though we’re getting every closer to Monzo being the only financial hub people will need.
Is having access to Marcus via open banking, on the roadmap? I’d be surprised if there’s not a good chunk of Monzo users also using Marcus for their savings.
I don’t think Marcus have released an API from what I’ve read elsewhere. Without that, the answer has to be No.