I was wondering that now Monzo is a bank (with limits), the team must be testing the banking features by now so they can start working with the regulators to get the limits lifted.
If this is the case, Monzo must have its own set of sort codes by now and I was curious what format these would take? Does Monzo have it’s own set of sort codes (like Barclays bank sort codes usually) start with 20) or would it share another banks sort codes (like Metro bank share Barclays sort codes, even though they are independent of them.
It’s a little trivial I know but I was rather curious.
Can I recommend that you try and get Payments UK to publish the Monzo sort codes as soon as they are allocated. I’ve joined another new bank recently and while their sort code can be checked on the payments UK site the number hasn’t yet made it to some pension companies, other banks etc.
When you try and enter your new bank details with these organisations they get rejected because their sort code validation lists aren’t up to date.
It will take some time for utilities etc. to be updated with the latest sort codes and customers could experience difficulties until this happens.
Deciding which codes you’ll use and getting Payments UK to publish these sort codes ASAP will therefore help but I’m sure you’re already on to them about this! ️
This is technically correct – we’ll use a third-party to clear cheques. Rest assured, as we’ve mentioned before, cheque deposits will definitely be possible