🏦 Open Banking at Monzo - Ask Me Anything!

Is there a plan to allow customers to add other cards into the monzo app?
Personally I would 100% use this, Monzo’s app is so much nicer than my other banks’ apps.

Hi @kieranmch! Can you clarify when banks are meant to have complied with the new regs, and when we can therefore expect to see more credit card providers through TrueLayer? Thanks!

To derail slightly(!), this is the post that Monzo will use to confirm the masses of positive feedback for the new app layout :grin:

Hi Kieran
Can you help me clarify please what it is you have live, or point me in the direction of it?
Is it just your very extensive API that can be accessed, or have you also developed an alternative version aligned to the Open Banking Standard too?
I’m attempting to clarify this for our team so we know what’s available but would appreciate the clarity.
Many thanks,

I’ve found this doesn’t work seamlessly app to app to app for Nationwide visa credit card - it goes in a loop involving a browser - unlike Emma Technology where it does work!

I’ve connected Monzo to NatWest app to see what it’s like and it’s stopped updating. Dunno if it’s NatWest or Monzo side. I also can’t see anyway if disconnecting.

Monzo just showed up on my Natwest app, when I tried adding it the flow broke when Monzo tried to redirect me back to Natwest app with this message:

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I’ve just tried this and it worked OK for me. Had to restart the Natwest app before the accounts were visible.

Natwest worked fine for me as well, loved the flow and app approval for the authentication!

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Thanks! We worked hard on it.


Hi, I use Xero to manage my personal finances but the integration with Monzo is only available for a Monzo business account - can I use open banking to dynamically bring my data from my MOnzo account into Xero and how?

Out of interest, how do you manage your personal finances in Xero? It’s entirely aimed at the business market - what sort of actions do you perform?

I am an accountant so I manage my personal finances the same way I would a business. Track against budget and keep a consolidated view of all my assets and investments here.

Hey, cheers for doing this thread @kieranmch! Am curious and apologises for mentioning the dreaded B word will Brexit and our withdrawal from the EU have any impact on our involvement and obligations to comply with open banking?

Hey @kieranmch, this is probably far too late, but I was wondering if the open banking spec gives you billing information?

I use the Monzo app almost exclusively to see my credit card balance now, but I do have to go back into other apps to find out the value of the next bill. If there were an elegant way to bring that into the Monzo app then (with transaction details) that’d make it perfect for me. :hot_coral_heart:

(And a very merry Christmas to you and yours, btw. Thanks for everything this year and keep up the good work in 2020 :santa:)


Hi @kieranmch, thanks for all the useful information you’ve shared. I have a question though, which I couldn’t find the answer to - When Monzo asks permission to access a customers data from another financial institution, do you have to state the specific purpose for which the data is being used for? Or, are you free to use the data any way you wish (as long as it’s delivering value to the customer, of course). For example, if you are requesting access to data to provide an aggregated account view, can you also use the data to provide advice on how to save money and improve their financial wellbeing? Or do you always have to state explicitly what the data is being used for, at the time of asking for permission? Thanks!


Or can you use this information to gain insight into Monzo customers are using competitors.

According to the FCA:

Providers authorised under Open Banking will offer two types of services, and need to have different authorisations for each of the following:

  1. Account information services. These let you see all of your account information from different banks in one place and offer features such as budgeting help and product recommendations. This could include budgeting apps and price comparison websites.

  2. Payment initiation services. These will let you pay companies directly from your bank account and not through a third party like Visa or Mastercard. This could include retailers and even tech companies like Amazon.

I think Monzo falls under the first description. If Monzo then decide to offer a different service (other than account aggregation) they’d need to request NEW permission to do so.

So according to the FCA, under point number 1, ‘Account information Services’, it may enable the offering of features such as budgeting help and product recommendation. If a bank wanted to offer their customers improved budgeting help and product recommendations, would they have to make 2 different requests for permission to the customer? Or could it be covered by 1 request, if it includes accessing the same data?

Consider this scenario. A customer wants to use the Monzo budgeting tool (aggregated view), which leads to a request to access their data held at other banks. If there are other Monzo features that the customer could benefit from that require access to the same data, would:
A) Monzo have to explicitly state all the uses of the data in the original request
B) Make an seperate request in the future for any other use of the data for other features
C) Monzo can use the data requested for other features without explicitly stating it in the request, or without making a seperate new request

Thanks, I hope that made sense!

I can see the benefit of open banking to 3rd parties/banks but I don’t see any tangible benefit to me/customers in giving up all my info.

3rd parties can tailor their targeted ads (for example, ramp them up around payday) and tell themselves it’s great I am getting relevant ads. I don’t really see that as a benefit though. Using the example of the washing machine from above, I do not get my clothes cleaned with this Open Banking washing machine :slight_smile:

What am I missing with Open Banking - it seems to benefit everyone except customers who share their data