Australian app-only bank 86 400 has been granted a full Authorised Deposit-taking Institution (ADI) licence by the Australian Prudential Regulation Authority (Apra), paving the way for a live launch within the next few weeks.
Chaired by British banking pioneer, Anthony Thomson, 86 400 intends to to challenge the dominance of the country's Big Four banks with the aid of a suite of proprietary app-based technology tools.
The licence means 86 400 - which will launch with transaction and savings accounts - is able to take unlimited customer deposits and has met the same regulatory requirements as the Big Four banks.
Says Thomson: "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."
Landing on the App Store and Google Play within the next few weeks, the service will be available first to those who have signed up via the waitlist on the 86 400 website. From launch, 86 400 customers will have access to all the digital pays - Apple Pay, Google PayTM, Samsung Pay, as well as FitBit Pay and Garmin Pay - along with a Visa debit card, ATM access and real-time payments via Osko, an overlay service to Australia's New Payment Platform which which enables account-to-account payments via e-mail and mobile phone numbers.
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