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Home Challanger banks Monzo's new open banking feature is called 'easy bank transfer'

Monzo’s new open banking feature is called ‘easy bank transfer’

Monzo bank has been recently working on a simpler way to move money into the Monzo account from other major UK banks.

Read also: Monzo’s co-founder Tom Blomfield steps down from the board

The feature is called ‘easy bank transfer’, and it’s available to be tested in Monzo Labs, where most new features are tested among Monzo’s current users.

The idea of the new open banking transfer system is to simplify the process as much as it gets.

Monzo’s official guide for the transfer:

You can use easy bank transfer to add money to your personal, joint, and business accounts.

  1. Select your other bank from a list, and tell us how much you want to move.
  2. We’ll take you securely to your other bank, so you can approve the transfer.
  3. Your money will usually arrive instantly, but it can take a bit longer depending on which bank you’re sending money from.

Users are able to test the product without login details and just simply transfer cash between different banks.

The ‘easy bank transfers’ feature is using Faster Payments technology, which is the same payments network that powers most of the bank transfers in the UK.

Monzo claims that your transfer will typically arrive straight away. Here is an experience by one customer who decided to test the product:

Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

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