Using Open Banking for self-help
Monzo Bank Limited provides digital banking services. The company offers loans, debit and credit cards, accounts checking, savings, and treasury services through mobile application. Monzo Bank serves customers in the United Kingdom.
What's the Open Banking use case?
Two and a half years after Monzo became the first bank to introduce a gambling block, the digital bank has teamed up with TrueLayer to create an industry-wide Open Banking-powered gambling block. When activated, the block lets users stop transactions to bookmakers, both in-person and online, and places limits on cash withdrawals. If a customer wants to turn off the function, they have to go through a 48-hour cooling-off period and even speak to someone in the customer support team, with the added friction hoping to deter problem customers.
Monzo is powered by TrueLayer