New capability propels Monese to full service current account status, with Faster Payments and cheaper cash deposits at the Post Office
Monese, provider of instant mobile current accounts, announces the launch of Direct Debit functionality for its customers. The upgrade brings Monese's offering substantially closer to that of a traditional high street bank account – without the hidden fees and charges.
Monese has a rapidly growing customer base, with 75% of all customers choosing Monese as their salary receiving account – making it their primary current account for everyday banking tasks. In today's 'subscription economy', 80% of UK consumers have at least one direct debit commitment, and an average of six. This new service comes in response to direct demand from Monese customers.
Alongside this, Monese has also gained access to Faster Payments, meaning that customers sending funds to accounts outside or within the UK will enjoy an even quicker transfer. Monese customers move over half a billion pounds annually, showing just how regularly customers use the app to send money.
In addition, Monese customers will now have access to cheaper cash deposits at 11,500 Post Office branches across the UK, and 29,000 PayPoint locations. PayPoint top ups will be available in real-time, while top ups at Post Office locations will appear in accounts the next morning. The move extends Monese's simple, transparent digital service to in-branch facilities for those customers who wish to visit a bricks and mortar store in person.
Norris Koppel, CEO and Founder of Monese said: "Our single minded focus is to provide customers with the financial tools they need to build their lives and stay in complete control of their finances. We never stop moving towards a better product for our customers and we are proud that we have been able to respond to their requirement for Direct Debits. 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. We believe that people should be able to live, travel, and work freely, without the administrative burdens and restraints of legacy financial systems."