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I work at Mondo. We will be a member of the Financial Services Compensation Scheme (FSCS) and all customer deposits will be insured up to £75k per person. Duri

I work at Mondo. We will be a member of the Financial Services Compensation Scheme (FSCS) and all customer deposits will be insured up to £75k per person. During our current alpha test (and before we have a banking license), your funds are actually held by our partner bank Wirecard. Edit: The internet beat me to it. My work here is done :)

onion2k 11y ago
This answer doesn't say anything about being better. Or even different. If someone asks the question "What are the risks of using this service?" and the response is "Here's the legal minimum we have to do" then that doesn't really fill me with confidence that you're trying to be better than my current bank. That isn't to say you won't be better. Maybe you will be. It's just that your answer here gives no indication.
blibble 11y ago
that legislation also only covers insolvency, what about IT failures (operational risk)? what if your system messes up and a load of my payments suddenly disappear? or your IT staff didn't completely understand how, say Cassandra treats transactions? I like my paper bank statements...