Saturday, 18 November 2017

Monzo current account and fast payments and their API

I thought I'd be less controversial for a change and say I am actually pretty impressed with the API link to a Monzo current account.

Just need a business account from them now. We could build services around instant fast payment to us I am sure.



P.S. I am testing BACS and DDs to see how they work, do I get a ka'ching at midnight or something. BACS is all batch date based, so will be interesting to see.

21 comments:

  1. Have you seen Starling bank ? they too have an open API and offer business accounts

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  2. With Starling BACS incoming seems to be around 4am, DD around midnight and standing orders around 1am. They show the time as well as date on the transactions

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  3. Monzo was founded by some ex-Starling people....

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  4. I don't see the attraction. Why not just use Faster Payments on any existing bank account. It's generally near-instant and guaranteed within 2 hours.

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    Replies
    1. It is not the speed of payment, which works well (unless you are Amigo loans), it is the API providing those details instantly.

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  5. Tide Bank specialises in business accounts

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  6. To be fair ripple is the future for superfast payments 3.3 seconds for fully settled ledger based transaction you dont get that with bitcoin =).

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  7. I'm surprised that, with your love for all things Monzo, that AAISP remains at the top of the list of merchants that don't accept the Sort Code as a valid one:
    https://community.monzo.com/t/merchants-banks-who-dont-yet-recognise-the-monzo-current-account-sort-code-debit-card-open-wiki/13891

    It's also the case with other API -driven FinTech Bank Starling which is mentioned further up in these comments. https://community.starlingbank.com/t/invalid-sort-code/438/25

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    1. FFS they asked us about that and we do accept it, and we have many Monzo customers using Direct Debits. I added my own Monzo as a DD on A&A just this week even.

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    2. I haven't tried it myself on Monzo but found it didn't work with Starling. I'm thinking of moving back to Monzo now that the Current Account is in full swing so will give it a go and report back to Monzo!

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    3. "The sort code you have entered does not appear to be valid. If you believe it is, print this instruction and post to us."

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    4. Interesting, I'll look in to it again, it definitely works on the order form for new accounts, we tested that!

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    5. Wow Is the change DD form still broke? I reported it broken for Monzo a month or two ago and assumed it would have been sorted by now..

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  8. No problem, I just need to remember to contact Support tomorrow to re-setup my DD!

    Might be worth looking at Starling's Sort Code as well (60-83-71)

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    1. This time I've got:
      "The sort code and account number may be incorrect, please check them carefully, and if you are sure, please press Confirm."

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    2. I've now got:
      "Please check the Branch *name* is correct and confirm again (Branch address is often a central processing address)"

      The Branch Name and Address is empty and not editable.

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    3. Indeed, and if we don't know, it is blank. Press confirm again?

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    4. OK, that appears to have gone through

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