Product Highlights

Mono Split Payments

We recently introduced the Mono Split Payments feature to businesses that use Mono. This feature allows partners to split payouts for a DirectPay or Debit Debit transaction between two or more bank accounts.

Types of Split

These payments can be split in two ways:

• Percentage Split: With this split, you can allocate a percentage (1-99) of the payment between two or more settlement accounts.

• Fixed Split: Here, you can specify a fixed amount to be deducted from each transaction into each account.

Cost

NGN 10 per payout

How does it work?

1. Create a Sub-Account: To enable split payments, create a sub-account for payout allocations, by sending a POST request to this endpoint: https://api.withmono.com/v2/payments/payout/sub-account.

{
  "status": "successful",
  "message": "Request completed successfully",
  "data": {
    "id": "6126aef671612f6126aef671612f",
    "name": "Sub Account Name",
    "account_number": "1234567890",
    "nip_code": "000000",
    "bank_code": "058"
  }
}

2. Configure Split Payments: Include the split object in the body parameters of the Initiate Payment API and Direct Debit API.

{
    "status": "successful",
    "message": "Payment Initiated Successfully",
    "timestamp": "2024-12-10T18:10:43.887Z",
    "data": {
        "id": "ODDZI5AT7NQW",
        "mono_url": "https://checkout.mono.co/ODDZI5AT7NQW",
        "type": "onetime-debit",
        "method": "account",
        "amount": 450000,
        "description": "testing split payment 7",
        "reference": "testsplitiddientdoi7",
        "customer": "673b783a737146d49343f6ed",
        "created_at": "2024-12-10T18:10:43.882Z",
        "updated_at": "2024-12-10T18:10:43.882Z",
        "meta": null,
        "liveMode": true,
        "split": {
            "type": "percentage",
            "fee_bearer": "business",
            "distribution": [
                {
                    "account": "673e258cbfc6fc07bf0f34b3",
                    "value": 50,
                    "max": 200
                },
                {
                "account": "673b40afbfc6fc07bf0e4d07",
                "value": 40
            }
        ]
            }
        }
    }
}

3. initiation and processing: When the customer makes a DirectPay payment or a partner initiates a Direct Debit transaction, Mono deducts its fee and settles the remaining transaction amount based on the split configuration to the business and sub-accounts specified. Settlement details are sent via webhooks (i.e direct_debit.split_settlement_successful).

{
  event: "direct_debit.split_settlement_successful",
  data: {
    reference: "po_tr65CqSSomGEv785xQYvJ3P5",
    business: "60cc8f95ba1772018c5c6b1d",
    app: "61e270e2bbe2010771c0dec7",
    status: "settled",
    message: "Successfully settled",
    date: "2024-12-08T23:00:00.000Z",
    currency: "NGN",
    split_fee: 10
    amount_settled: 200,
    fee_bearer: "sub_accounts",
    account: {
      account_name: "Samuel Olamide",
      account_number: "0123456789",
      account_type: "sub_account",
      institution: {
        name: "Access bank",
        code: "044",
        nibss_code: "000014"
      }
    },
  }
}

You can learn more about Mono Split Payments here.

Notes on Split Types

• Percentage: Provide values as percentages (e.g. 50). Ensure the total distribution does not exceed 100%, as some allocation is reserved for fee offsetting.

• Fixed: Provide values in the smallest currency unit (e.g., 5000000 for NGN 50,000).

  Optional max field

Use the max parameter to cap the amount distributed for each transaction.

Example: If value is 50 and max is 300000 (NGN 3,000), a NGN 50,000 payment will allocate NGN 3,000 (capped).

Notes on Fee Bearer

1. sub_accounts: Fees are deducted from sub-accounts (e.g., NGN 10 per split).

2. business: Fees are deducted from the business account.

Product Improvements

Financial Institutions

Moniepoint authentication outage: This issue has been resolved and the connection fully restored. Your users can now link their Moniepoint personal accounts via the Mono Connect widget to securely share their financial data.

Mono API

We updated the Income webhook (mono.events.account_income) with 3 new fields in the summary response payload.

• Total Income (total_income): The total monthly average from all streams

• Annual Income (annual_income): The total monthly average from all streams from the last 12 months.

• Monthly Income (monthly_income): The total monthly average from all streams from the last 12 months/ total number of streams.

For more details, please check our API documentation here.

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Email us at support@mono.co