A more complete picture of your bills
You can now sync credit cards and loans to see statement balances and minimum payment due, all within Monarch. This has been one of the most highly requested features from our users and we appreciate your patience as we’ve been building!
With Bill Sync, you’ll no longer have to hop between apps to know what's due for upcoming loan and credit card bills. All of this information will live on your Recurring page and allows you to more easily plan ahead. You'll be able to review upcoming bills at a glance in either list or calendar view, whichever you prefer!
We’ll also send you a reminder when you have a due date coming up so you can worry less about missing a payment.
How it works:
- Navigate to your Recurring page (on desktop web), where you’ll see a prompt to learn more about bill syncing and start set up.
- You’ll enter a few details that will allow our partner Spinwheel to identify your liability bills (credit cards and loans). You can learn more about our partner Spinwheel here.
- Review the list of accounts identified and choose which you’d like to include for tracking on your Recurring page.
- Check the Recurring page at any time to know what bills to expect and to see your latest statement balance. Minimum due can be found by hovering over the "amount" column.
- We'll monitor payments and automatically mark bills as paid when the statement balance is paid in full. More detail on payment history can be found by hovering over the "amount" column.
The bill types supported via this feature are your “liability bills” - this includes credit cards, mortgage and other loans. Utilities are not supported at this time, however these can still be tracked on the Recurring page in Monarch using average costs from previous months.
Also note that Bill Sync relies on US credit bureau data, and is not available for Canadian customers at the moment.
A deeper dive for those that love the details
Before building any new feature, we embark on research to understand what solutions are available to meet our needs and provide the best user experience. Things change rapidly in this space!
What we found in building Bill Sync is that the more traditional approach to pulling bill data, requiring login info for each biller, has become less and less dependable over time. Connections require re-authorization for each individual biller frequently, and are sometimes blocked entirely, creating a lot of extra work (and frustration) for those using tools that leverage screen scraping.
This is how we landed on our approach, which allows us to provide statement balance and minimum payment due through one single authorization to your credit report (via our partner Spinwheel). We hope the simplicity and reliability of this approach makes Bill Sync a great experience overall. As always, we welcome your feedback!
More Recurring page enhancements
The Recurring page is a centralized view for you to see and review all regularly recurring bills and expenses and always know what's upcoming. Here are a couple of updates to this page aimed at making it even more useful to you.
- Review new recurring transactions: we’ll surface newly detected recurring transactions or bills and ask you to approve or edit them before they show up on your Recurring page. This will ensure better accuracy and a more tailored approach to what you’d find most helpful to track on this page.
- Calendar & list views: toggle between calendar and list view, for a cleaner view and more control over your preference.
What’s Next
We’re continuing to add some highly requested enhancements to the Recurring page, including the flexibility to track multiple types of transactions per merchant (hello, app store subscriptions) as well as grouping, filtering and a summary view of bills that will allow for better insights to help with cashflow management.
This will all be coming in the near future so keep an eye out!
We're Hiring
We're hiring for a number of roles at Monarch across engineering and marketing. We love hiring Monarch customers, so if this sounds interesting, check out our careers page!
