Monzo adds open banking-enabled money transfer feature - Business Insider

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Consumers may find account aggregation to be a useful tool, which could position Monzo competitively among incumbents and neobanks

a capability allowing its customers to connect their American Express accounts and view their balances and transactions in the Revolut app. upon its tool by also enabling payments between different accounts — similar to what Monzo has now done — whereas the other banks' aggregation features are limited to allowing customers to view their balances.

UK consumers could find account aggregation to be a particularly useful tool, but Monzo should still look to build out additional personal finance management offerings.

 

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