Introduction
Using open banking to pay with a bank account can be streamlined by setting a default bank account in Mimo. This feature allows you to skip selecting your bank and account each time you make a payment, moving directly to authorising the transaction. This guide explains how to set up a default bank account step by step on the Mimo platform.
Managing bank accounts in Mimo
For users who have previously used bank accounts
If you’ve used bank accounts in Mimo before—either for making payments or topping up your Mimo balance—you’ll find those accounts already listed on the Bank Accounts page under Settings > Bank Accounts. However, these accounts will initially be marked as inactive. To use them, you’ll need to activate the accounts before setting up reconciliation, as explained in the next step.
For users who are adding a bank account for the first time
If you’re new to using bank accounts in Mimo, you’ll need to connect a new account on the Bank Accounts page. Follow the steps to add your bank account. As part of the process, you’ll be required to make a £1 transfer to your Mimo account. This transfer ensures that Mimo can verify your company as the owner of the connected account.
Reconciliation
Once you’ve added a new bank account or activated an existing one, you’ll receive a notification on the Bank Accounts page prompting you to map the account for automated reconciliation. To complete this, go to Settings > Reconciliation and open the Bank Accounts tab, where all active accounts are listed. After mapping, Mimo will automatically reconcile bank transfers from the linked account into your Mimo account.
How to disconnect a bank account
To disconnect a bank account, go to Settings > Bank Accounts in the Mimo platform. Select the connected account and toggle off the green mark. This will remove the account as a default option for the Pay by Bank payment method.
