Monzo, the U.K. challenger to traditional banks, has reportedly disabled card payments after having an issue with a supplier.
According to a report in Finextra, the problem happened earlier Thursday (July 6), with transactions being declined and customers seeing incorrect balances. “One of our suppliers is experiencing problems which may cause declined payments when you try to use your card,” the startup said in a statement, according to the report. “The app may show the payment as successful even though it was not, and the amount may appear to have been deducted from your balance. This is a display error – your balance ‘behind the scenes’ has not been debited.”
Following the initial update, the company went on in a later update to say: “We had to temporarily disable some app features: top-ups, Monzo to Monzo payments, and Monzo.me payments are currently unavailable. Card payments (including ATM withdrawals and online transactions) are still failing for a large proportion of customers. We’re still working hard at a fix together with our supplier, and we will update you on a regular basis. Apologies to everyone.” Finextra noted it’s the second time Monzo has had problems stemming from suppliers. In March it vowed to move card processing internally after an outage at a third-party service provider hurt customers. Other app only banks including Revolt, Loot, Starling Bank and Curve are dealing with similar issues with Global Processing Services behind the woes. “A technical issue occurred on the GPS system on the morning of 6th July 2017 that impacted a proportion of transactions across several of our customers and many cardholders,” the company said in its own statement to Finextra.