In other banking apps I’ve noticed a section when paying someone/company by a bank transfer that there is a pre-built list of organisations. Selecting an organisation then fills in the account number and sort code for the company. This has been useful in the past as finding these details for different companies isn’t always easy. Also helps give a bit of piece of mind I’ve not made a typo
I’ve never really seen a massive advantage in those lists to be honest. I probably had a bad experience the last time I used one though - I searched the company name and it showed something like 10 options which didn’t really help.
It could be useful if Monzo had a way of labelling sort code and account numbers when typed in to add confirmation though. So, you type in the details for you credit card repayment and it pops up with a tag: ‘Halifax - Credit Card Payments (?)’.
Love the idea of the confirmation, perhaps also one you’ve entered enough of the account number you get a small list of possibilities to choose from instead of having to type the rest?
I have found them really useful in the past, I suspect they a pain for the bank to setup in the first instance but I for one would be in favour, and have voted for this.
I used to work for a high street bank, within Internet Banking and can say that it is an utter pain in the neck for the bank to keep atop the information.
You would think that payment information such as bank account numbers and sort codes for utility company payments (and other organisation) rarely change but it might surprise you a fair few companies do shift them about.
There was a huge resource put into this and, despite best efforts, sometimes the bank information was wrong and a customer would be recompensed for the banks error in having incorrect information for their bill payment.
Just my tuppence worth that there is indeed a large resource required to keep this particular ship steady.
I never used the list with Nationwide as it made me nervous that the payment would somehow go to the wrong account for what I was paying (as big organisations have multiple accounts) or that details weren’t up to date. So even if an organisation was listed in the pre-built list, I’d always enter the details I’d been sent manually to ensure it went to the right place. Interesting to read that I wasn’t being unnecessarily paranoid!