CAPE TOWN, November 13 (ANA) – South Africa’s newest bank, Bank Zero, said on Wednesday it had completed its core value proposition by going live with its debit card and would begin the final countdown to starting operations next year…

The bank said rigorous health-checks such as simulated card attacks, card fraud detection and retailer readiness were currently underway.

South African Banking Risk Information Centre data shows card holders suffered R873 million in theft last year. To protect its customers, Bank Zero has designed a new patented card which will minimise card data theft and card skimming.

The bank said open source technology combined with a scientific design approach helped deliver the card in record time.

Financial services company Mastercard teams from South Africa, India and the United States were closely involved in validating and commissioning the card, while information technology company IBM’s global expertise in encrypted card security was also tapped into.

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“Globally, banks are big spenders on such projects, often spanning multiple years, but sweat capital along with an integrated business-and-tech design approach is our strategic advantage,” Bank Zero chairman Michael Jordaan said.

No traditional banking systems used

No traditional banking systems were bought nor was any outsourcing done during the development of Bank Zero, as these are expensive, chief executive Yatin Narsai said.

“We wanted to create an exciting customer offering which required building our own systems,” Narsai said.

Zero pricing, along with our advanced card security, are just some of the ways in which we make our customers’ lives easier. We also bring special functionality around social connectedness, transparency, control, advanced payments and a focus on savings.”

“Feature-rich banking must never force customers into paying exorbitant fees,” he added.

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Author: ANA Newswire