Bank Zero has started testing its systems – getting ready for a 2019 launch
One of the new South African banks on the horizon, Bank Zero, says it has initiated alpha testing of its systems, as it prepares itself for a launch in mid-2019.
The group officially registered as a mutual bank in August 2018, and in the months that followed it started integrating with the national payments systems of the SARB – a move that it says will bring major benefits to customers.
Lezanne Human, co-founder and executive director, said that “settling directly with the SARB rather than through a ‘sponsoring bank’ enables us to participate directly with peer banks in the movement of money.”
“We now have the ability to control our payments value chain, which forms a powerful foundation for innovative and cost-efficient offerings.”
This SARB integration, together with being a true mutual savings bank that pays decent interest, it said, will enable Bank Zero to nurture a savings culture.
Yatin Narsai, co-founder and CEO said that the bank has now entered into alpha testing, which is a major achievement.
“Most institutions invest billions just to get here,” he said.
Alpha testing involves a small team validating the end-to-end live systems and processes, which includes:
- Using the banking app with its integration to the revolutionary 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; and
- Confirming the fully automated regulatory reporting as required by the SARB.
The bank said it has also entered into strategic collaborations with Mastercard and IBM.
Mastercard and Bank Zero are currently developing a ‘new generation of card’ to deliver cutting-edge security and other unique features, supporting Bank Zero’s value proposition and addressing modern-day payment realities.
The initiative while provide the latest EMV technology and deliver multi-layered security protocols to protect users against fraud and identity theft, it said.
IBM, meanwhile, will deliver high-volume secure computing, providing the bank with enterprise-grade security on its open-source-based LinuxONE enterprise server through its pervasive encryption technology.
For certain functions, Bank Zero uses the cloud – which will provide a hybrid model that delivers the best of both worlds.
Co-founder Michael Jordaan said that the bank will enter beta testing during the first quarter of 2019, with public operations expected to start around mid-2019.
Read: Bank Zero has taken a big step closer to launching – here’s how it’s different from other SA banks
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