Trendsetting UK bank Monzo is set to launch a gambling self-exclusion service that will allow its customers to block all gambling transactions voluntarily via their bank accounts.
In a blog post on Wednesday, Monzo said that it will launch a system through its smartphone app that customers can on turn by flicking a switch on their phones. Once activated, the bank’s software will use merchant category codes to block any attempted payments to gambling companies.
A set of transaction codes is established by the International Organization for Standardization (ISO) and used worldwide to let banks know what kind of businesses they are sending money to or receiving money from.
Monzo said that it was building a list of a handful of different codes used for gambling services and will block all payments that fall under these categories once the self-exclusion option has been activated.
To remove the block, users will need to have a conversation with the bank’s customer service team, who will ask a series of questions, including: “Has your situation changed since you first switched the restrictions on?” It will then impose a 48-hour time limit before the self-exclusion can be deactivated in