Product Highlights

E-Mandate Activation via Parallex Bank

We’ve improved our Direct Debit e-mandate authorization options by adding Parallex Bank as a new account for mandate activation.

Customers can now transfer the mandate authorization fee to a designated Parallex account, authorising your business to debit their account for recurring payments. This also means that the mandate setup process is more flexible and reliable for users, so recurring payments run smoothly.

How it works:

• Mandate authorization via transfer:

  During e-mandate setup, customers are prompted to transfer N50 or N100 (depending on their bank) to a Parallex Bank account displayed on-screen.

• Account ownership verification:

  The transfer must be made from the same account used to initiate the mandate. This validates account ownership and ensures that mandates are authorized securely.

• Instant approval:

  Once the transfer is confirmed, the mandate is automatically approved and activated for recurring debits.

Product Improvements

Financial institutions

1. Altbank personal banking authentication outage: Users who were experiencing this issue can now link their Altbank accounts with the new email auth method via the Mono Connect widget.

2. Sterling personal banking authentication outage: Users who were experiencing this issue can now link their Sterling Bank accounts with the new email auth method to your business via the Mono Connect widget.

3. Keystone personal banking authentication outage: Users who were experiencing this issue can now link their Keystone bank account to your business via the Mono Connect widget.

Mono API

1. We've updated the Mono Creditworthiness and Income API webhook events to include two new fields:

   1. APP: The application ID from which the webhook event originated.

   2. BUSINESS: The business ID associated with the webhook event.

   These additions help to provide a clearer context for each event received and simplify your integration on Mono.

   For better consistency, we are removing the SANDBOX_ prefix from the Account Income and Credit Worthiness webhook events.

2. Effective immediately, the following Live mode event names will be used in Sandbox mode:

   • MONO.EVENTS.ACCOUNT_INCOME

   • MONO.EVENTS.ACCOUNT_CREDIT_WORTHINESS

   Refer to the Credit worthiness webhook event and the Income api webhook event the documentation for more details.

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