NEWS
IBS Journal May 2018
07
Monzo celebrates near-100% upgrade to new current account
M
onzo has released a blog explaining that at the close of its pre-paid card service, more than 362,000 customers, which is 94% of active users, have made
the move to a current account. This takes the total number of current accounts to more than half a million.
These are huge numbers which, as a user commented, were a bolt out of the blue. According to the bank’s stats, only about 98,000 customers haven’t made the jump from pre-paid just yet.
“We believe that the best way to build a great product is by launching it early and improving it based on feedback from real people,” commented Tom Blomfield, Monzo’s CEO. “I feel very lucky that we have a community of users that care enough to share their enthusiasm, ideas and frank feedback with us. They’ve helped us make Monzo what it is today, and I’m glad that so many people have chosen to join us for what’s next.”
Passion Capital, Thrive Capital and Goodwater Capital have been the main investors throughout the banks development so far.
Eileen Burbidge, partner at Passion Capital, spoke about the company’s trajectory to date: “Given that customers typically stay with the same bank for an average of 17 years and only 3% of people
Tom Blomfield: key to success is listening to feedback
in the UK move to a different bank each year, what Monzo has achieved is remarkable.
“To have so many customers upgrade proves how engaged and loyal Monzo’s user base really is. It reflects a genuine appetite for a bank that’s doing things differently.”
ICICI Bank becomes the first Indian bank to adopt SWIFT’s gpi
S
WIFT has announced that ICICI Bank is the first bank in India to go live with its global payments innovation service. SWIFT gpi has been developed as a new standard for cross-border payments and significantly improves transparency and efficiency for all category of remitters. The service enables real-time payments tracking across correspondent banks. With ICICI Bank going live, corporates and other remitters in India will now have access to faster payments along with the facility to track the payments instructions across the correspondent banks globally.
Kiran Shetty, head of India and Subcontinents at SWIFT, said: “International trade is the backbone of globalisation and an imperative for India to grow. ICICI Bank is leading trade digitisation and is committed to serve its clients with the best services.
“The new standard for cross-border payments, SWIFT gpi brings a
new world to corporate treasurers by bringing together real-time payments tracking, transparency of fees and same-day settlement.”
Vijay Chandok, executive director at ICICI Bank, said: “ICICI Bank is committed to consistently improving the transparency and overall client experience by driving innovation and leveraging technology. SWIFT gpi significantly enhances this experience in cross-border payments by delivering a totally new standard. We are very excited to be the first bank in India to offer SWIFT gpi, a new generation cross- border payment service to our clients”.
SWIFT gpi is also looking at adding new services to further improve cross-border payments. This includes a Stop and Recall Payment service that will allow banks to instantly stop a payment, at any point in the payment chain, for example in case of a fraud or when a duplicate payment has been sent erroneously.
www.ibsintelligence.com 7
Monzo
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