About Connect
Connect is a financial data aggregation software from Mono that provides access to real-time transactions, income, balances, and insights that drive smarter financial products. It combines support for any bank account, use cases for various financial services, and tools for developers so businesses can use customer financial data for competitive advantage. Connect allows for quick integration, enabling users to access valuable insights that can inform product development and improve customer offerings. The platform is scalable and secure, ensuring reliable access to financial information. Key capabilities: real-time transaction access comprehensive data insights secure integration developer-friendly tools support for multiple bank accounts Best for: businesses that need to utilize customer financial data for product improvement.
Connect by Mono is an Open Banking software designed to provide businesses and financial institutions with seamless access to financial data through secure API connections. Its primary purpose is to enable account verification, payment initiation, and financial data aggregation while ensuring compliance with regulatory standards. Key features include real-time account information retrieval, transaction history access, payment initiation services, and a secure API infrastructure that supports a wide range of financial applications. The user interface of Connect by Mono is modern, clean, and highly user-friendly. The dashboard provides a comprehensive overview of API usage, connected accounts, transaction logs, and analytics. Navigation is intuitive, with well-organized menus for managing API keys, monitoring performance, and configuring services. Visual indicators and analytics charts help users quickly assess usage metrics and integration performance, reducing the learning curve for new users and simplifying the management of complex banking workflows. Functionality is a core strength of Connect by Mono. It allows businesses to verify account ownership instantly, retrieve real-time transaction data, and facilitate seamless payments.
Pros & Cons
- +Streamlines customer onboarding and Know Your Customer (KYC) compliance, speeding up verification significantly.
- +Allows businesses to make smarter lending and credit decisions with real-time financial data access.
- +Offers safer and often cheaper recurring payment collection compared to traditional card payments.
- +Simplifies development with one integration for data, identity, and payments across numerous African banks.
- +Gives customers control over their financial data sharing, enhancing trust and security.
- −Adoption can be hindered by low financial literacy and consumer skepticism about sharing data with third parties.
- −Integration and performance may face challenges due to varying technological infrastructure across African banks.
- −The system is highly reliant on the stability and security of the partner banks' systems.
- −Lack of a card charge-back-like mechanism for direct bank payments could introduce consumer recourse risks.
- −Compliance with fragmented, country-specific regulations across Africa can be complex and burdensome.
Features
Key features
- Open Banking Infrastructure
- Provides the foundational technology to securely connect to over 50 banks and access customer financial data.
- Connect API
- Enables real-time retrieval of customers' bank accounts data, including transactions, income, balances, and enriched insights.
- DirectPay and DirectDebit
- Facilitate secure and convenient one-time or recurring bank-to-bank payments, bypassing card networks.
- Mono Prove Identity Verification
- Offers robust identity checks, including ID document verification, facial comparison, and liveness checks for KYC compliance.
- One-Click KYC (Tokenization)
- Allows verified user identity data to be securely stored and reused across multiple businesses in the Mono ecosystem.
- No-code Statement Pages
- Offers a simple, shareable link for businesses to collect verified bank statements directly from the user's bank account without any code integration.
Additional features
- Data Enrichment
- Provides enriched, granular insights from raw financial data.
- Creditworthiness
- Verify a customer's credit eligibility using comprehensive financial data and transaction patterns.
- DirectPay
- Offers a solution for collecting one-time bank payments.
- DirectDebit
- Enables the collection of recurring bank payments safely and reliably.
- Global Standing Mandate
- Provides a mechanism for global standing orders (though details are not fully explained in the excerpt).
- Lookup
- Verify government-issued IDs, serving as a basic identity verification API.
- Prove
- Offers advanced identity verification, customer onboarding, and one-click KYC, including tokenization.
- Authorization
- Get an identifier to match a customer through the account linking process.
- Account info
- Get real-time transaction data, income patterns, and spending insights.
- Transactions API
- Access rich, customer financial data to build data-driven services.
- Manual Face-ID Verification
- Provides a human-review fallback when automated facial recognition attempts fail.
- Fraud Screening (Watchlist)
- Conducts real-time checks against fraud databases and watchlists to identify high-risk users.
- Instant Webhooks
- Sends real-time notifications to the business server about verification and data updates.
- API Reference, Documentation, SDKs and Libraries
- Provides comprehensive resources for developers to integrate the products easily.
- Mono Connect Widget
- Provides a secure and seamless flow for customers to link their bank accounts.
- Real-time Cash-flow Tracking
- Enables businesses to track real-time cash flow and build customer-centric features.
Pricing
Countries & Languages
Interface languages
Billing currencies
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About Connect
Connect is a financial data aggregation software from Mono that provides access to real-time transactions, income, balances, and insights that drive smarter financial products. It combines support for any bank account, use cases for various financial services, and tools for developers so businesses can use customer financial data for competitive advantage. Connect allows for quick integration, enabling users to access valuable insights that can inform product development and improve customer offerings. The platform is scalable and secure, ensuring reliable access to financial information. Key capabilities: real-time transaction access comprehensive data insights secure integration developer-friendly tools support for multiple bank accounts Best for: businesses that need to utilize customer financial data for product improvement.
Connect Details
Connect's In-App Market Place
Does Connect have an in-app market place?
No
How many Mini-Apps in the marketplace?
0
Mini Apps
Pricing Options
Accepted Payment Currencies
NGN(₦)
Pros & Cons
- Streamlines customer onboarding and Know Your Customer (KYC) compliance, speeding up verification significantly.
- Allows businesses to make smarter lending and credit decisions with real-time financial data access.
- Offers safer and often cheaper recurring payment collection compared to traditional card payments.
- Simplifies development with one integration for data, identity, and payments across numerous African banks.
- Gives customers control over their financial data sharing, enhancing trust and security.
- Adoption can be hindered by low financial literacy and consumer skepticism about sharing data with third parties.
- Integration and performance may face challenges due to varying technological infrastructure across African banks.
- The system is highly reliant on the stability and security of the partner banks' systems.
- Lack of a card charge-back-like mechanism for direct bank payments could introduce consumer recourse risks.
- Compliance with fragmented, country-specific regulations across Africa can be complex and burdensome.
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