I’m a little surprised that there isn’t an API for moving money between your accounts. I’ve got a Personal, Joint, and Business account, and this functionality would be extremely useful. One can move money into and out of pots, so is there a reason that moving money between accounts hasn’t been exposed?
I assume this is a security/safety feature, for the same reason you can’t use the API to make a Faster Payments transfer. Although you part-own your other accounts, fundamentally it’s changing the ownership of the money (to include the joint account owner, or from you to the business). I guess there are potentially malicious use-cases that are avoiding by just not allowing it.
Is that true though? Yes, Faster Payments is clearly riskier, but I think it’s a false comparison to Monzo account transfers. If a person has access to both accounts in the app, and the money never leaves Monzo, where’s the increased risk?
One scenario is if you have a bug in your code that accidentally sends all your personal money to your joint/business account and the other party has code that moves a % of income from said account to their own account.
There could be a chain of APIs where your money could end up several people away.
It bugs the hell out of me that I have to set up a standing order (inputting all of my account details) when I want to transfer money on a regular basis to my joint account. If Monzo has these details why can’t they fill it in behind the scenes when I select the account I want to set up the SO for?