Digital bank Monzo is trialling a new open banking-powered feature to allow users to transfer money from other bank accounts more easily.
This new way of moving money into accounts from other major UK banks represents its first major open banking play developed in house, according to altfi.com.
Users testing the product can without login details, transfer cash between different banks. This is done by first selecting the desired bank from from a list on the Monzo app and saying how much you want to move. Then Monzo will take you securely to the other bank where you approve the transfer. Money arrives instantly, in most cases, according to a blog post.
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.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
