Upcoming Direct Debits now showing in Home Feed!

Feedback & Ideas
21

This was what I was wondering, I may give it a go and report back :fast_forward:

22

A bit of a :confused: workaround, but couldnt you exclude last months single large payment from spending summary? Not sure if that will also carry over to the direct debit prediction though?

23

We shall find out soon :eyes:

24

I think Monzo should become an AISP if only to be able to connect to credit card accounts so that it knows exactly what your upcoming credit card payment is going to be. I’m assuming here that AISPs would be able to read this information from credit card accounts, but if not, simply knowing the credit card transactions should enable a decent estimate I assume.

25

I think that’s the goal eventually. Unfortunately most banks have pretty terrible processes for gaining access to stuff like that at the moment and transaction data isn’t as instantly up to date which would likely cause it to be a fairly complex problem.

Tom briefly mentioned it in the QandA recently.

3 Likes
26

As @redshift mentions I think that’s also a ambition for Monzo, there are additional regulations to adhere to when becoming an AISP. Wasn’t it mentioned recently that it’s being considered?

Tell me about it it’s hard enough being the end user :smile:

27

I seem to recall that credit cards aren’t technically covered by the open banking standards. Now, Emma and other aggregators tend to include them, but they gather their data from screen-scraping, rather than the open banking APIs.

Personally, I’d quite like the easy fix to be able to override the expected DD value for the coming month. It’s not too onerous to do once I have my credit card statement…

1 Like
28

Yes, but I think it was mentioned in the context of fully integrating credit card transaction data into Monzo (every transaction). I’m thinking that an easier step would be simply to extract the upcoming scheduled payment amount, if that is available by connecting to credit card accounts.

29

I also seem to recall that open banking APIs don’t need to cover credit card accounts.

However, my interpretation of the following page is that screen scraping to gain access to accounts provided by banks is allowed by registered AISPs (this could include credit card accounts, I assume)
https://www.fca.org.uk/consumers/account-information-and-payment-initiation-services

But perhaps Monzo is against use of screen scraping to gain access to 3rd party accounts.

1 Like
30

Now that’s nice. Monzo predicted DDs in Summary for the month and actual requests in the feed the working day before.

I notice the feed item is dismissible in iOS although I guess that’s a one time only thing rather than an “all future”. I hope so anyway.

Next stop, future items in the pulse graph?

2 Likes
31

Hey all,

Showing ‘tomorrows’ Direct Debits in the feed isn’t quite ready for release yet! It looks like our feature flag to enable it for staff testing only isn’t quite working.

We’re going to turn this off for now whilst we finish up the following:

  • Not marking upcoming DDs as dismissable
  • Making sure the upcoming DD in the feed is replaced when the real one comes in.
  • Making sure iOS and Android are both ready to show these future items.

In general the idea here is for Summary to predict future transactions based on the past, but for the feed to show you what will happen once we get the real DD request, to help people avoid declined payments etc.

For those seeing upcoming DDs in the feed already, they’ll disappear again for now.

Thanks for the feedback though, we’ll have updates real soon!

:bow:

16 Likes
32

Still great to see some sneak peeks of what’s to come! Even if not intentional! ><

3 Likes
33

Will the reminders to add more money work across weekends?

Previously it only checked the balance to cover a DD on weekdays, so weekend spending wouldn’t be checked to see if you had enough balance to cover a DD on Monday morning.

34

Noooooo, don’t take it away from me - its a great feature :wink:

But I do understand it was accidentally pushed to clients :slight_smile:

Thanks for the update anyway Jami!

35

Nice! Are there any plans to forecast these payments in the Pulse Graph too?

2 Likes
36

Hi @jami, Great feature and I’m looking forward to seeing it :smile:

I seem to remember that Direct Debit instructions are sent to banks three working days before they’re debited, is that right? Is there a reason we don’t see them until the working day before?

Not complaining, just interested, this is 1 billion per cent better than anything the legacy banks allow!

1 Like
37

Nothing concrete yet. We know Pulse could benefit from a few updates, but in the short term we’ll be prioritising some other bits (finishing off The Big List, mostly).

3 Likes
38

Fair enough but please please don’t push back the notification of direct debit in feeds when it’s ready.

39

Hi @Jami I’m on Android and my pulse feed is showing a broken balance that has taken into account one upcoming direct debit (over the weekend) but also a second committed spending direct debit, that I KNOW won’t be coming out, so I toggled it off over a week ago. Now I’m not sure if my balance is true.

40

@robot_unit not sure if you’ve already said, but have you checked with Monzo via live chat or dropped an email to help@monzo.com - they’ll be able to see all your account info and transactions to put this into better context for what might of happened :slight_smile:

1 Like