Almost four years after we launched the first version of our Income API, we’re excited to introduce the Mono Income API, version 2.0. The updated income endpoint helps businesses analyse customers’ recent and historical bank transactions with their consent, and retrieve more detailed insights into their income patterns.
This includes information such as the number of income streams, the frequency and stability of their income, total income, monthly average income, and many other details that help businesses make better more accurate and informed decisions based on real income data.
The Mono Income endpoint v2 allows businesses like lenders and wealth management services instantly understand users’ cashflow and earning capacity, and leverage this data to build more financially relevant products for customers.
What updates are included in the Mono Income API v2?
With the updated Mono Income endpoint, we are analysing customers’ transactions more extensively to give businesses the information that they need about their customers’ income at a glance. This returns deeper income insights from connected customers’ accounts, such as;
Total income
Income type and streams
Monthly average income
Description of last income earned
The currency of the income
Total regular and irregular income amount
The frequency and stability of the income
The employer who paid them
Last recorded income amount and more
How the Mono Income API v2 works
To access the Income endpoint v2, you need to call the new endpoint URL via https://api.withmono.com/v2/accounts/:id/income. Then, ensure that the customer has linked their financial account to your business using the Mono widget, this lets you retrieve their unique account ID and bank transactions.
Send a GET request to the endpoint URL using the connected account ID, your app secret key, and specify the duration of transactions you want to analyse from the customers’ account.
When the request is successful, the user’s transactions are automatically analysed and a detailed breakdown of their income data is sent to your webhook and also displayed on your Mono dashboard.
Here’s a sample response returned via the version 2 Income API:
How the Mono Income API v2 benefits your business
Save valuable time
The Mono Income API helps take the burden off businesses who need to sort through tons of user-submitted income data and account transactions which can be a time consuming and daunting process, even for larger teams. Once an account is connected via Mono, all you need to do is make one API call to the income endpoint to get the user’s detailed and accurate income details.
Make better informed decisions
Businesses can use the Mono Income API to get a full picture of a user’s financial standing and understand how much they earn more broadly. This enables you to profile customers more robustly and make faster and risk-free decisions based on the income information collected.
How to get started with the Mono Income API v2
If you already have a Mono account, follow these steps below:
Log in to your Mono dashboard
Create an app with the scope set to Connect
Add a webhook URL to your app
Prompt the user to link their account and share their transactions using Mono
Follow our integration guide to see how to implement the Income endpoint v2 to your service.
If you’re using Mono for the first time
Create a free Mono account (mono.co/signup)
Submit all required business documents and complete the compliance process
Create an app with the scope set to Connect
Add a webhook URL to your app
Integrate the Mono Connect API to your service or use our no-code Mono Statement pages to prompt the user to link their account and share their transactions
Check our integration guide to learn how to implement the Income endpoint v2.
Questions you might have about the Mono Income API v2
Who needs the Mono Income API?
Businesses like lending, Buy Now Pay Later, Rent financing, wealth management services, and embassies, who make crucial decisions based on customers’ income information and need to get deeper value from users’ cashflow data, can use the income endpoint.
How can I upgrade to the version 2 Mono Income API?
To start using the updated income endpoint, all you need to do is change the endpoint URL from https://api.withmono.com/v1/accounts/:id/income to https://api.withmono.com/v2/accounts/:id/income.
How much does it cost to use this endpoint?
It cost N200 per API call to the Income endpoint.
