Payment Confirmation Report


(Rob Taylor) #1

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.


#2

Wouldn’t a screenshot of the transaction detail view do the same thing?


(Rob Taylor) #3

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.


#4

Does it include FPS TRN or MT103?


#5

Faster Payments Scheme Transaction Reference Number, or international standard format transaction confirmation report/form for cross border transfers?


(simon) #6

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.


#7

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.


(Richard Bairwell) #8

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.