Michael Jordaan, the man behind Bank Zero, says that the bank is on track to launch in the second half of 2019.<\/p>\n
The digital bank will compete with traditional banks, as well as newly launched Tyme Bank<\/a>, and Discovery Bank<\/a> which this week outlined how it will operate upon launch around July.<\/p>\n Bank Zero has been co-founded by CEO Yatin Narsai, and Jordaan, who will serve as chairman of the bank.<\/p>\n In a series of tweets on Wednesday, the former FNB chief executive said that when customers receive a card the 16-digit card number no longer changes when the card is replaced. “This means you do not have to reset your card details for services like Netflix or Uber or online shopping,” he said.<\/p>\n Jordaan said that the bank is fully integrated into the National Payments System as a clearing and settlement bank. “Using our own core banking system made this quick and agile delivery possible.”<\/p>\n He said that the bank has officially implemented Electronic Funds Transfer capability and has started full end-to-end Beta testing by staff.<\/p>\n “Launch still planned for 2nd half of 2019,” he said.<\/p>\n He continued that business customers “will enjoy seamless integration with @Xero accounting software”, while the next steps for the bank will include: gradually inviting external Beta customers; implementing patented card technology, and full public operations in the second half of 2019.<\/p>\n Bank Zero said it would update potential customers ‘for the next few days’.<\/p>\n We’ve been quiet on twitter the last while, busy working hard to build a great digital bank for you. The team’s briefly surfacing for the next few days to update you on what we’re up to, and then we’re going quiet again to complete the last few steps – before you join us… \ud83e\udd29 https:\/\/t.co\/TW8qTDrw1V<\/a><\/p>\n \u2014 Bank Zero (@BankZeroSA) March 26, 2019<\/a><\/p><\/blockquote>\n\n