Monese adds Direct Debits to become even more like a regular bank account

Jun 19, 2017 · techcrunch.com

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Monese, the London-based fintech startup that offers a mobile banking app and current account, continues to fill in missing features that might otherwise stop it from replacing your bank altogether.

The latest is Direct Debit functionality, a mechanism for reoccurring payments, such as those required by a mobile phone contract and many other subscription services. Citing stats from Direct Debit provider GoCardless, we’re told that 85 per cent of U.K. consumers have at least one Direct Debit commitment, and an average of six.

Monese also recently gained access to the U.K.’s Faster Payments network, meaning that funds sent to accounts outside or within the U.K. arrive quicker. In addition, the startup has extended the number of physical locations that can be used to deposit money into your Monese account, including 11,500 Post Office branches across the U.K., and 29,000 PayPoint locations. Who needs bank branches, eh?

"The upgrade brings Monese’s offering substantially closer to that of a traditional high street bank account – without the hidden fees and charges," says the company.

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