Thursday, 18 July 2019 11:49

Digital bank 86 400 gets deposit-taking licence from APRA

By
Robert Bell and Anthony Thomson, the men behind 86 400. Robert Bell and Anthony Thomson, the men behind 86 400. Supplied

Australian digital bank, 86 400, has received an authorised deposit-taking institution licence from the Australian Prudential Regulation Authority, becoming the second such bank to obtain permission to accept deposits.

A statement from the company said apps for 86 400 would be available shortly in both the Apple and Android stores. The bank is yet to announce a date when it would launch.

In January, APRA granted an ADI licence to Volt Bank.

Chief executive Robert Bell said: "For the last two years, we’ve been busy building a smarter alternative to how Australians bank. Today’s news confirms we’ve passed all of the necessary checks and balances required to call ourselves a bank.

“This has been an incredibly thorough process and we’ve had every element of our business stress-tested to confirm that we are as robust, secure and safe as any bricks-and-mortar bank. The only thing remaining is to bring 86 400 to market, which we’re now very close to doing.

“I’m so proud of our team for all the work that’s gone into getting us to this point — but we’re only just getting started.”

app 86400

The interface of the 86 400 app. Supplied

The company said customers would be able to open accounts in a couple of minutes with real-time payments through Osko. From launch onwards, customers will have access to Apple Pay, Google Pay, Samsung Pay, as well as FitBit Pay and Garmin Pay, along with a Visa debit card, ATM access and customer support.

The bank's chairman, Anthony Thomson, said: "From early on, we’ve been incredibly confident that what we’re building will offer Australians a smarter alternative to the Big Four banks.

"Smart tech is everywhere: smartphones, smart cars and even smart homes. They exist to make our lives easier and more convenient. But when it comes to managing our finances, these same benefits haven’t been available to us until now. Designed for smartphones, our smartbank will help people take control of their money, offering far more than they'd expect from a bank."

Thomson, who has founded and chairs two successful challenger banks in Britain, added: “With the latest technology, a simpler operating structure and streamlined systems and processes, we’ll be able to make savings that are passed on to our customers, and better returns for our investors. To get APRA’s approval today is a testament to the incredible work of the 86 400 team over the past two years.”

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Sam Varghese

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Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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