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Maybe they could buy Link? ;-)

To underline João's point above, even Monzo's cost per account is £15.

It's unlikely Monzo's servicing cost will lower to Google or Facebook (it's much more like the FAANG's will rise...), but if I were a traditional bank I'd aim for that £15 target.

(See Monzo's annual report for some fascinating insight).

This sounds like a good step forward, but it needs to be industry-wide, not just Mastercard & Microsoft.

Just imagine a system that all (well, most) financial and digital organisations could trust. This would lead to wider consumer adoption because they would be able to trust more platforms.

And it's about time too - we really need a reliable digital identity to combat fraud and spam.