Update, 11 December: The Payments Strategy Forum has outlined plans for a new payments system architecture in the UK.
One area that the Forum has been examining is ‘Confirmation of Payee’. Currently, when you make a payment to someone the bank will check that the account number and sort code you provide matches the ones on the account you wish to pay.
Obviously I don’t know the stats that show whether this is a good idea or not & Monzo does (or can at least A / B test it) but I’m really hoping that Monzo doesn’t implement this.
I find it hard to believe that the amount of hassle it will cause - people sending you the wrong name by accident or because they forget what it is + mistyping the name - is worth the benefit in terms of increased security
Edit - it’s also really useful to be able to include extra info in the recipient’s name field as a reference (e.g. when transferring money to yourself, if you have several bank accounts) but that’s not my main concern.