South Africa’s app-driven Bank Zero begins alpha testing

2 November 2018

Money Transfer

South Africa’s digital-only Bank Zero has been integrated with the national payments systems of the South African Reserve Bank (SARB), and the officials are currently Alpha testing the app-driven bank.

Bank Zero has been registered as a mutual bank with effect from August 17, 2018.

Bank Zero was integrated with the national payments systems of SARB in September 2018, which is expected to bring major benefits to customers.

Bank officials have also begun Alpha testing with a team validating the end-to-end live systems and processes.

The bank’s scientific approach uses laboratory-style testing and includes using the banking app with its integration to the new core banking platform; full end-to-end testing of the customer experience; perfecting the integrated business, security and regulatory processes; completing a disaster recovery test of the infrastructure and software stack; and confirming the automated regulatory reporting as required by SARB.

Bank co-founder and chairperson Michael Jordaan acknowledged the professionalism, skills and modern systems of SARB and the newly created Prudential Authority.

He said: “The stringent licencing process, the high standards, and their skilled and professional approach clearly demonstrates that South Africa has a world-class regulator.”

The bank also has a strategic collaboration with Mastercard and IBM.

Source: All Africa