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Venture capitalist and former FNB CEO Michael Jordaan’s new app-based Bank Zero plans to begin beta testing in the first quarter of 2019, before launching to the public in mid-2019, the bank said in a statement today.
The bank has begun alpha testing, with CEO Yatin Narsai calling it “a major achievement”, and adding that most institutions invest “billions” just to get here.
A small team at Bank Zero is currently conducting the testing, which involves:
- Using the banking app with its integration to the new core banking platform.
- Full end-to-end testing of the customer experience from “on-boarding” through to actual transacting.
- Perfecting the integrated business, security and regulatory processes.
- Recently completing a disaster recovery test of the infrastructure and full software stack.
- Confirming the fully automated regulatory reporting as required by the Reserve Bank.
The bank revealed in the statement that its registration as a mutual bank was announced in the Government Gazette on 7 September, which noted its registration was effective from 17 August.
Michael Jordaan’s new app-based Bank Zero plans to begin beta testing in the first quarter of 2019, before launching to the public in mid-2019
Jordaan (pictured above), who is the bank’s chairperson, said the stringent licencing process, the high standards, and what he called the Reserve Bank’s “skilled and professional approach” demonstrates that South Africa has a world-class regulator.
During September Bank Zero integrated with the national payments systems of the Reserve Bank. This will allow the bank to have control of its payments value chain.
Bank Zero also revealed in the same statement today that it is, together with Mastercard, developing a “new generation of card to deliver cutting-edge security and other unique features”.
The bank said IBM is providing the bank with “breakthrough” enterprise-grade security on its open-source based LinuxOne enterprise server through its pervasive encryption technology.
For certain functions Bank Zero uses the cloud – resulting in a hybrid model that delivers the best of both worlds.
Noted Jordaan in the same statement: “Building a bank is hard work; building an innovative bank is exponentially harder”.
Featured image: Venture capitalist and Bank Zero chairperson Michael Jordaan (Supplied)