Payments in Emma

We are considering to add this feature in the app, so we can allow users to:

  • Pay friends & family
  • Initiate transfers between accounts
  • Request money to be paid.

This opens to many more use cases like splitting bills.

I was wondering if this is a feature you would love to see in Emma and in what format?

We have been waiting quite some time, but it seems Payments are mature enough in the UK to go live via Open Banking. :wink:

For transfers from one of my own accounts to some other account (another one one of my own or someone else’s) I’m not sure.

When I tried payment initiation in Yolt a while ago I didn’t see much value because it required being transferred to the bank app to authenticate every single transfer.

It left me wondering why not just start in the bank app :man_shrugging:

I suppose the only potential value in could see is if I could maintain a master payees list inside the aggregator (i.e. inside Emma) instead of having to create payees inside each bank app I use.

If it were possible do payments without having to be diverted to the bank app every time it would be more appealing for me.

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How would that work?

I’m all for new features but I find it easier just to initiate a transfer in my bank. To initiate from Emma wouldn’t give me anything further and I’m more likely to open my banking app than Emma to do banking.

Is there anything ahead of this on your roadmap that you’ve been considering @edoardomoreni?

This will never change.

However, we have noticed the experience to be much faster and if we add payments in Emma, there is really no reason to open the bank app anymore. :wink:

Hey guys,

I just wanted to let you know we are working on this feature. :slight_smile:

Any feedback is welcomed. I think the technology has improved a lot, so we shouldn’t have any major issues.

Has it improved enough to setup scheduled/unattended transfers?

Not really, it looked like something was moving in that direction but then it got delayed again: VRP and Sweeping - avoiding a missed opportunity in the UK | HAFINI Group

The only form of “unattended payment” you can do right now with Open Banking is set up a standing order.

To start, we’ll implement only single domestic UK payments which are working quite well nowadays

What I think would be really interesting in the future is triggered/rule-based transactions - e.g. see flowyour.money. I guess the link you shared suggests that might be possible in the future via open banking, but not yet.

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TBH, I have enough apps for payments. I would prefer Emma stuck to its core product. Doing payments opens up a huge commitment in operations, support & engineering resource that you guys could probably do without (especially for the tiny margins). People get a bit (unsurprisingly) funny when their money doesn’t arrive where its supposed to when its supposed to, as opposed to their budget being out of date by a day or two.

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We are only doing it in the UK.

It doesn’t require any effort or support from our side, and it’s real time. :wink:

Speaking as an engineering manager, there is always a cost to every feature you build :wink: hope it works out

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We are starting to draft a design, this is a first version. :slight_smile:

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Hey guys,

we have an update on this: https://twitter.com/emma_finance/status/1393183418989654021

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Well done. Groups is exciting!

I personally like the read only nature of access to my accounts currently. Will the permission to do this be optional?

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Nothing will change.

If you want to do a payment, you will redirect to your banking app and accept it there.

This is how open banking payments work. It’s a shortcut.

We have almost finished the entire feature. :slight_smile:

It will only support P2P payments, so you will be able to request money to anyone via a link and send money to your friends in Emma. You will be able to find them either via your contacts or user handle.

On the payments we have a minimum of £0.01 to a maximum of £5,000. :rocket:

The plan is to extend this functionality to transfers as well. :smiley:

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So excited for this!

Imagine requesting 1p from your friends :laughing:

Just sent £1 to Antonio.

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