In our last newsletter, we announced the Mono Data Enrichment product, shared our recent blog on how account-to-account payments work, some updates to Direct Debit mandates, and a peek into how Cowrywise uses Mono Direct Debit to automate account funding on their app.
In August, we launched two new endpoints, implemented a new feature for fixed direct debit mandates, shared how we helped businesses verify over one million users' identities, and more. Keep reading for the highlights.
Company & Product Updates
The Mono Income API v2 is live
The Mono Income API has gotten its first upgrade to v2. This new update allows your business to retrieve more granular income information from the analyzed transactions of a connected customer account.
Data such as total income, income streams, frequency and stability of income, monthly average income, etc., are returned, enabling you to understand your users’ earning capacity more accurately. Watch this video to learn more about the Income endpoint v2 and how it can fit into your business use case. Check out the Mono Income endpoint.
Introducing the Mono Creditworthiness API
We recently launched the Mono Creditworthiness API, to provide credit businesses with a faster and more data-informed way to assess users’ ability to afford and repay specific loan amounts.
Taking key details like Debt-to-income ratio, loan details (principal, interest, tenor), and existing credit history, this endpoint allows you to quickly assess borrowers’ financial capacity in real-time and reduce lending risks for your business. In this video, we share more about how the Creditworthiness API works and how it can benefit your business. Try out the Creditworthiness endpoint.
Custom frequencies for fixed mandate
We’ve added a new update that lets you set a custom debit frequency when creating a fixed direct debit mandate on a customer’s account. This allows you to customize how debits can happen on a fixed mandate beyond the standard daily, weekly, bi-weekly, and yearly options available. You can now set custom frequency types like a specific number of days, weeks, or months, for example, 4 days, 3 weeks, 2, months, etc. Learn more about this update.
How we verified over 1 million users’ identities in 2023
In 2023, businesses on Mono verified the identity data of their users - over one million of them via the Mono Lookup API. This helped them increase their onboarding completion rate by 60% and reduce fraudulent signups by 90%.
If you’re curious about how we did this and how Mono Lookup can power secure identity verification for your business, our latest article has all the details. Read it here.
Partner News
PaidHR now uses Mono Direct Debit
PaidHR, a payroll and HR operations management company now uses Mono Direct Debit to automate the payroll funding experience on their platform. This allows the businesses they serve to authorise PaidHR to automatically collect specific payroll deposits from their bank accounts at the agreed dates, and process salary payments for their employees faster and more reliably. Learn more about this here.
