U.K. financial technology company Monzo Bank Ltd. said its current account customers will receive their salaries a day earlier than their usual payday under its new feature, "Get Paid Early," from the application.
The digital lender said the salary payments will be entered into the customers' accounts by 4 p.m. the day before the usual payday.
Most salaries and student loans come into the bank through the Bank Automated Clearing System, or Bacs. Bacs' processing is outdated — normally taking three days to clear transactions — and can be sped up, the bank said.
Monzo Bank, which is valued at just over £2 billion, reportedly has started offering loans — between £200 and £15,000 — to customers with current accounts in a bid to bolster revenues.
