Monese has announced the launch of a direct debit function for its customers.
The upgrade will bring the mobile current account provider's offering substantially closer to that of a traditional high street bank account, and will have no hidden charges or fees.
The news comes as Monese has seen a rapid growth in its customer base with 75% of all customers choosing Monese as their salary-receiving account.
Monese has also gained access to Faster Payments, which will allow customers to send funds to accounts outside or within the UK even quicker.
“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,” said Norris Koppel, CEO and founder of Monese.
“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.”
Monese customers will also have access to cheaper cash deposits at 11,500 Post Office branches across the UK and 29,000 PayPoint locations.
The PayPoint top-ups will be available in real-time, while top-ups at Post Office locations will appear in accounts the next morning.
“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,” added Norris.
“We believe that people should be able to live, travel and work freely, without the administrative burdens and restraints of legacy financial systems.”
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