Upgraded account will allow users to ‘bank like a local’ with full contactless and direct debit functionality
Monese has been disrupting the traditional banking scene since its launch in 2015 by enabling customers to open current accounts in two minutes, and providing essential financial services to the estimated 138 million people in Europe that are unbanked and might find it hard to access the more rigid traditional banks.
This partnership will power the launch of Monese’s upgraded mobile-only banking account, equipping users with a contactless Mastercard and, uniquely, full direct debit functionality. The current account service will be accessible in 20 European countries, in eight languages and is the first of its kind to stretch across Europe in this way.
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Monese customers will now benefit from a complete suite of banking services. Utilising pioneering onboarding technology, customers can open an account in minutes, and enjoy all the benefits of a local bank account even if they are not a resident in a given country.
Newcomers to a country can start payments and transactions immediately, even without proof of address or credit history.
Ray Brash, CEO of PrePay Solutions, said,
“Monese is one of the UK’s pioneering challenger banks, which makes us very proud to announce this collaboration. Together we’ve developed and launched a truly innovative mobile banking solution, tailored to fit the needs of a mobile community.
We are focused on developing new and flexible solutions that enable our clients to appeal to modern customers – with Monese, this means an entirely mobile banking experience. We are confident that the partnership will evolve with the creation of more high quality digital banking products, as we find new ways to cater for the specific needs of varying consumer groups.”
Founder and CEO of Monese, Norris Koppel, said:
“We believe that people should be able to live, travel, and work freely, without the administrative burdens and restraints of legacy banking systems. This upgrade is evidence of how we are able to combine technology and creative thinking to respond to the needs of a mobile user group in an on-demand economy.
PPS really understood our vision and we were impressed by their knowledge and professionalism. Despite our complex list of requirements for this important undertaking, they successfully migrated an existing customer base, to deliver the integrated account on time. This is the start of an exciting collaboration.”