In 2021, Mono announced that businesses could now access user-permissioned customer financial data with Mono’s Open Banking API product - Mono Connect. This account linking to securely access financial data was now possible via a widget; end users needed to interact with a UI-facing extension of the Connect API to express consent, select an institution, log in and link their financial accounts. Mono’s first widget opened up so many possibilities; over 3.5 million financial accounts as of 2023 have been linked by millions of users who have been able to make smarter payments and access more personalized financial services tailored to their profile and insights gleaned from their financial data.
Today, we are excited to launch a new version of the Mono widget with major updates since we announced v1. Powering African businesses these past few years with Mono APIs, we consistently observed the interactions of end users with the widget, allowing us to gather a lot of feedback. We wanted to know what worked for end users, what didn’t work, what it meant when an end user didn’t go through with an account linking process they had started, and if they clearly understood what this process meant. We also worked very closely with these businesses that use the Mono Connect and Mono DirectPay products to access financial data and accept payments, to co-evaluate the experiences of their users even steps before they get on the Mono widget.
These observations and feedback we received made it possible to build a highly improved version of the widget that aims to achieve three significant things
prioritize user privacy and consent clarity
make it easier for more end users to adopt Open Banking innovation
make it possible for businesses to securely access financial data and collect payments much faster.
What's new in Mono Widget 2.0
Here are the exciting new updates that come in the new Mono widget. You can also watch our highlight video with all the features here.
A smoother experience:
On the new widget, your users can now switch between account types (Personal or Business) for any chosen institution in one click without having to go back to previous screens. Overall, the new version of the Mono widget for account linking (Connect) and payments (DirectPay) now has an improved experience. Another major experience improvement you'll notice is speed. We measured how long it took end users to go from initiating the widget to completing the account linking or payment process and implemented several measures to shorten the amount of time it took to complete these actions. We've also improved the clarity of error responses on the widget, when they occur, making it easier and more explanatory for end users to take action where possible.
2. Consent clarity and privacy prioritization
In the new widget, your users are now more openly made aware of what specific data Mono and your business which they'll be linking an account to will be able to access and what actions can or cannot be performed with this data. In addition, we now instantly inform end users once they have successfully linked an account to a business using Mono. Before now, users would typically have to create an account on our consent management platform, Mono Portal, to see businesses they have given access to their financial data, what data has been shared, and the ability to review access to these data. Now, for increased security and broader transparency, users will receive an email letting them know they've just linked a financial account to your business.
3. One-click institution request:
In the first version of the widget, we often added new institutions as we received requests from businesses that use Mono. Now, your users can directly make institution coverage requests when their preferred institution isn't on the Mono widget, in turn, giving us feedback and the opportunity to improve on coverage much faster.
4. Quick sandbox flow test
You can now spin up the Mono widget to test account linking on Mono Connect without the need for sandbox credentials. You can see sandbox account linking flows for a successful link, authentication with 2FA, and more, to get a view of what your users will experience in different scenarios. Try out a demo here to see
How to upgrade to the Mono Widget 2.0
If you already use Mono Connect or DirectPay, you will need to upgrade your widget to version 2 to get access to these new features. To upgrade to v2, take the following steps:
Log in to your Mono dashboard
Visit Preferences in the Settings section, toggle on the new version of the Mono widget, and confirm the switch.
If you would like to use the new widget and Mono's open banking APIs to build innovative solutions for your customers, you can get started by creating a Mono account here.
Questions you might have and answers to them
What changes should I expect or do I have to make when I upgrade to the new version of the Mono widget?
Once you confirm your choice to switch to the new widget, your customers should begin to see the Mono widget v2 when they initiate account linking or payments from your business.
In your API implementation, you will now be required to add a 'Customer object' field containing each user's name and email address. We have updated the integration guide on our API documentation to walk you through this change whether you have the APIs or SDKs integrated.
Can I continue to use the first version of the widget indefinitely?
The first version of the Mono widget will remain available for use until May 2024, however, to give your users a faster and more seamless account linking and payment experience, we advise that you upgrade to version 2 of the Mono widget today.
Is this widget update available in all countries?
Yes, all new features in Mono widget v2 are available in Kenya, Ghana, Nigeria, and South Africa.
I use Mono SDKs; will I have to update them to get the new widget?
Yes, you'll need to initiate an update on your Mono SDKs to get access to the new Mono widget.
Do my users need to learn how to use the new widget?
While there are great updates in the new Mono widget, we've made these user experience changes in ways that do not disrupt your users' understanding of how the widget works. We have also updated all widget-related support resources in our knowledge base to ensure that your users have up-to-date answers to their questions when they have any.
We can't wait for you and your users to experience the new Mono widget and all its features. Mono remains committed to making Open Banking infrastructure more innovative and accessible to internet businesses in Africa. If you would like to use Mono's APIs to deliver more personalized financial services to your users, you can get started on your own here or reach out to our Sales team to discuss tailored options for your use case.
