Monzo (Payments, gambling +Open Banking)

Monzo (Payments, gambling +Open Banking)
Use Case
Description

Monzo is trialing an enhanced Open Banking API call to impede transactions between it and gambling businesses. The company had earlier introduced an optional gambling block for credit card transactions, but with the use of Open Banking, account to account payments growing, users could bypass the block by initiating payments directly.

Monzo is also calling for regulatory changes to force all UK financial service providers to avail these types of gambling blocks. With that in mind, this use case might spread.

Phase
Trial
Industry
Banking
Niche
Digital banking