Customers may now safely monitor and transfer funds from their accounts to other financial institutions from within the Monzo app. Users of Monzo in the UK can already do this.
Plaid integrated Monzo via its Core Exchange platform. Core Exchange is a free service that allows any institution to join to the Plaid data network through secure API access.
Plaid is now expanding its services to include real-time bank transactions. Businesses may now rapidly release loan payments, insurance payouts, or wages thanks to the improved service. Plaid's Transfer service assists businesses in transferring payments between bank accounts. The offering currently makes use of the real-time payments (RTP) network, a five-year-old money-transfer technology operated by a consortium of leading US banks that enables rapid bank transactions.
Monzo clients may now link their accounts to hundreds of popular financial applications and services. This collaboration is an important step toward offering Plaid's consumers more financial power.
Capco and Plaid started their collaboration in 2022 to encourage Open Finance adoption. The collaboration aimed to combine Plaid's Open Finance solutions with Capco's domain and data analytics expertise to provide financial institutions with the ability to access and enable the value of Open Finance across the banking sector, while also reportedly making data more secure and accessible for consumers.
Later, Treasury Prime began working with Plaid to provide a connection between Treasury Prime-supported accounts and any external fintech available through the Plaid ecosystem. The arrangement, which makes use of a unique mechanism, allows Treasury Prime users to link their accounts to a variety of fintechs in order to transfer payments in a matter of seconds. This functionality speeds up transactions and improves the overall customer experience.
Finally, Airwallex collaborated with Plaid to provide an integrated solution that speeds ACH payments and improves debit authorisation from bank accounts. Airwallex users will be able to swiftly and securely verify their bank accounts in the US thanks to the Plaid connection.
Monzo announced its US debut in February 2023, following an 18-month closed beta period in which it onboarded thousands of new US consumers, transacted millions of dollars in transactions, and garnered user feedback. In response to this input, the firm has introduced additional features, one of which is a salary sorter. This tool assists users in dividing their paychecks, and segregating their spending, savings, and debts when they receive their salary.
Wise later joined Monzo to offer international payments to their consumers. Following this collaboration, business clients will be able to pay bills, workers, and contractors at record speed, assisting with money management.
Monzo has debuted its first rapid access savings account with a 3% interest rate. Clients benefit from no minimum deposit with the new service, which complements the bank's existing in-app budgeting tools such as a variety of different 'Savings Pots' and a 'Salary Sorter'. It was also built directly with client feedback in order to provide them with the flexibility to build their quantity of money and access it whenever they need to, from anywhere and at any time.
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