Now Mondo has a banking licence and will seemingly announce its new name soon what changes will we see?
1.What are the restriction?
2.When are you launching current accounts?
3.Will we get new cards?
4.How will getting a banking license affect us?
Still only a restricted license mind, not a full banking license no no current accounts just yet.
The big tl;dr of this seems to be from my reading that nothing immediately changes for customers, what this does do is allow the team to start working on real bank things™ such as building a live banking system, building out integrations with others in the industry and putting a very small number of accounts through for real world testing.
When do you get granted a new sort code? I’m assuming it’s from now otherwise you will not be able to send payments etc to fully test your integration.
I’m writing a blog post right now - should be published on Monday.
We can only accept £50,000 of deposits in total
Probably Q1 or Q2 2017
Yes!
Your deposits will be protected by the Financial Services Compensation Scheme (but not until we launch the current account). We’ll be able to offer functionality like Direct Debits and Faster Payments. We’ll be able to make loans in the form of overdrafts.
Shout if you have specific questions though