Standard Bank has launched the Sorted’ platform – which allows partner groups to launch, onboard and issue their own transactional products using the bank’s ecosystem.
The platform is targeted at younger customers.
Partners at this stage are mainly tertiary institutions and schools, which are able to brand the linked Sorted debit card, and bring exclusive access to ‘institution-specific’ offerings to students within their own transactional ecosystem.
“The banking aspects of the digital platform run in the background and are ready to support the user whenever financial capability is required,” Standard Bank said.
Instead of building a product and offering it to customers, the platform allows partners to build products themselves.
“Although Sorted was created to serve the 18 to 23-year-old market, we believe that it will appeal to parents who have children that are school learners who they wish to experience some financial independence. In the event of a Sorted account being used by a minor, parent monitoring of financial transactions can be enabled.”
The bank said that a parent or guardian can also almost become a student’s private banker by placing funds in different Sorted ‘pockets’. This way, money destined for school or academic fees cannot be used for other purposes. Defined purchases on campus can also be controlled, it said.
For partners, the bank highlighted that there are several custom options on the platform which include:
- Access to multiple lifestyle services including social media products;
- This platform gives partners the capability to originate their customers through safe and secure on boarding channels;
- Partners can brand the platform to issue their own lifestyle and banking services, ranging from personalised cards to a customised mobile app;
- The platform comes with service and management tools, allowing partners to have an end-to-end customer servicing ecosystem;
- It offers business intelligence tools that will allow partners to better know their customers.