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Not sure about Monzo specifically, but all the major UK banks are required by the UK regulators to provide standard open banking APIs: https://www.openbanking.o

Not sure about Monzo specifically, but all the major UK banks are required by the UK regulators to provide standard open banking APIs: https://www.openbanking.org.uk https://www.openbanking.org.uk In practice this means that any UK financial app that supports open banking should be able to connect to an account at any UK bank that implements open banking.

londons_explore 4y ago
Open banking is really just an automated way to view your statement. It doesn't allow sending money to someone, creating a new bank account, closing an account, changing your email or postal address, setting up a pension or credit card, or any of the other actions you might want to do at your bank.
- Reason077 4y ago
  Transaction data via API is much more than just viewing a statement. Being able to access this in a standardised way is a huge win for all sorts of financial and accounting apps, as well as certain specialised industries (credit checking, rental agents, etc) And open banking does support "sending money to someone" (variable recurring payments), subject of course to some security constraints. You wouldn't want to just let every random app that you let access your bank account initiate any transaction it wanted without an additional authorisation step, would you? Everything else you mention is a pretty infrequent and specialised transaction and the benefit to having an API would be minimal. (OK, I could see value in an app that automatically updated your address etc with every company you have a relationship with, but that would require a common API across many industries, not just banking)
- aembleton 4y ago
  > It doesn't allow sending money to someone Interesting. I use an app called JamDoughnut [1] and I can top up through Google Pay or from my bank. I tried the other day to do it from my bank and it then opened a modal asking me which bank I'm with. I selected Starling and then my Starling app opened asking if it would be OK to share information with Jam Doughnut and send a payment to them. As this was allowing me to use any bank (not just Starling), I assumed that it must be using Open Banking. Is there some other API out there that would allow them to take payment from any bank? I guess its possible that if I selected a different bank then it would just come up with a message like 'coming soon...'. But it seems surprising that they'd implement for Starling which is one of the smaller banks and not the others. 1. https://jamdoughnut.com/ https://jamdoughnut.com/

londons_explore 4y ago

Open banking is really just an automated way to view your statement. It doesn't allow sending money to someone, creating a new bank account, closing an account, changing your email or postal address, setting up a pension or credit card, or any of the other actions you might want to do at your bank.

Reason077 4y ago
Transaction data via API is much more than just viewing a statement. Being able to access this in a standardised way is a huge win for all sorts of financial and accounting apps, as well as certain specialised industries (credit checking, rental agents, etc) And open banking does support "sending money to someone" (variable recurring payments), subject of course to some security constraints. You wouldn't want to just let every random app that you let access your bank account initiate any transaction it wanted without an additional authorisation step, would you? Everything else you mention is a pretty infrequent and specialised transaction and the benefit to having an API would be minimal. (OK, I could see value in an app that automatically updated your address etc with every company you have a relationship with, but that would require a common API across many industries, not just banking)
aembleton 4y ago
> It doesn't allow sending money to someone Interesting. I use an app called JamDoughnut [1] and I can top up through Google Pay or from my bank. I tried the other day to do it from my bank and it then opened a modal asking me which bank I'm with. I selected Starling and then my Starling app opened asking if it would be OK to share information with Jam Doughnut and send a payment to them. As this was allowing me to use any bank (not just Starling), I assumed that it must be using Open Banking. Is there some other API out there that would allow them to take payment from any bank? I guess its possible that if I selected a different bank then it would just come up with a message like 'coming soon...'. But it seems surprising that they'd implement for Starling which is one of the smaller banks and not the others. 1. https://jamdoughnut.com/ https://jamdoughnut.com/