Instant mobile current account provider Monese has launched a Direct Debit service for its customers, bringing its offering closer to that of a traditional High Street bank account.

Alongside this, the UK challenger bank has also gained access to Faster Payments, meaning that customers sending funds to accounts outside or within the UK will enjoy an even quicker transfer.

In addition, Monese customers will now have access to cheaper cash deposits at 11,500 Post Office branches across the UK, and 29,000 PayPoint locations. PayPoint top ups will be available in real-time, while top ups at Post Office locations will appear in accounts the next morning. The move extends Monese’s digital service to in-branch facilities for those customers who wish to visit a bricks and mortar store in person.

Norris Koppel, CEO and founder of Monese said: “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. 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.

“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. 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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