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Monzo trials new open banking payment feature

Thursday 9 July 2020 12:55 CET | News

UK-based digital bank Monzo has announced tests for a new open banking-powered feature to allow users to transfer money from other bank accounts more easily.

Users testing the product can transfer cash between different banks without login details. This is done by first selecting the desired bank from a list on the Monzo app and saying how much you want to move. Then Monzo will take you to the other bank where you approve the transfer. Money should arrive instantly in most cases, according to altfi.com.

Monzo has long tested its new features among its users with its 'Labs' function and this new move into open banking is not yet rolled out to its four million customers.

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Keywords: Monzo, UK, United Kingdom, banks, open banking, payment, digital bank, money transfer
Categories: Banking & Fintech | Online & Mobile Banking
Countries: United Kingdom
This article is part of category

Banking & Fintech