That’s another step into open banking
Monzo has announced the pilot of a new open banking payment solution that enables customers to easier transfer funds from other bank accounts.
According to information, users can transfer money between the banks without the need to enter login details.
They can just select the bank they want from a list on the Monzo app and state how much money they want to transfer.
Afterward, Monzo redirects customers to the bank they chose where they can approve the transaction.
We’ve reported that 1 in 5 French citizens have already used their smartphone to make a contactless payment, while 1 in 10 do so regularly.