I’m starting to move a lot of my payments from Natwest. There’s a nice feature within their app that I’d love on Monzo. When I pay someone I can generate a Payment Confirmation; a simple pdf that details the payment and the payee details. This can then be sent by whatsapp, email, text etc. so that you can inform that you’ve paid your bill.
Wouldn’t a screenshot of the transaction detail view do the same thing?
True but it’s not a slick in-app workflow. I’d have to leave the app to send the confirmation. It also doesn’t provide the payee with my account details.
Does it include FPS TRN or MT103?
Faster Payments Scheme Transaction Reference Number, or international standard format transaction confirmation report/form for cross border transfers?
It’d be really cool if this was also digitally signed. Especially if it was signed with an algorithm that was compatible with smart contracts. Imagine being able to send 5 signed payment confirmations to the Starbucks contract on Ethereum, and getting back a free coffeeCoin.
With all banks now having public keys published (thanks to the open banking directory) this is suddenly possible.
Signed payment confirmations & statements would finally make actually secure ID verification possible online that can’t be foiled with a bit of Photoshop like traditional statements can.
Perhaps the PDF also has a tracking URL (in QR format) which will say 'Payment transaction id ending XXX from Monzo account ending XXXX to [bank] sortcode ending -XX account ending XXXX for £yy.yy initiated at [ date stamp to the millisecond]. Sent from Monzo to (BACs?) at [ date stamp to the millisecond]. Confirmed receipt by BACs at [ date stamp]. Confirmed receipt at destination bank at [date]."
Enough details for someone to be able to confirm a transaction, but not enough for people who guess/find the URL to be able to tell confidential information (apart from the amount). If it’s “live on Monzo’s https site” it should be pretty secure - but I guess they could GPG/PGP sign it if necessary.