Bank Zero
 | The topic of this article may not meet Wikipedia's notability guidelines for companies and organizations. (November 2019) |
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| Company type | Private mutual bank |
|---|---|
| Industry | |
| Founded | January 16, 2018 |
| Founder |
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Area served | South Africa |
Key people | |
| Website | bankzero |
Bank Zero is an exclusively digital mutual bank in South Africa that will launch in early 2020.[1][2] The bank was founded in January 2018 and registered with the South African Reserve Bank in October 2018. Its focus is on point-of-sale transactions, debit orders, electronic funds transfers (EFTs), and security of financial transactions – particularly debit card security. Bank Zero joins other new banks in South Africa, such as TymeBank and Discovery Bank.[3]
History
In January 2018, Bank Zero was founded by former First National Bank employees, Michael Jordaan and Yatin Narsai, and obtained a provisional banking license from the South African Reserve Bank.[4][5] The bank's focus would be products and services which match those in modern-day society[5] – focusing on point-of-sale transactions, debit orders, electronic funds transfers (EFTs), and financial service security.[6] In October after registering as a mutual bank in August, Bank Zero started trialing its services.[7][8] As a mutual bank, customers who hold "specific cash investment products" will become shareholders in the bank.[9]
In March 2019, it announced that it began testing EFT payments and other services.[10] Bank Zero had originally planned to soft launch some of its products at the end of 2019, but decided to delay its launch to early 2020.[11] In November, Bank Zero announced that it had patented a debit card with additional security features.[12][6]
Security
Debit card
In November 2019, a patented debit card which, instead of storing the card number that is embossed on the card on both the magnetic stripe, and in the card chip, would have three different card numbers for each: the embossed number, the magnetic strip, and the card chip.[13] This would allow Bank Zero to limit specific types of transactions to each card number. For example, the magnetic strip card number could only be used at an ATM and at a point-of-sale terminal; the card chip card number could only be used at point-of-sale devices; and, the card number embossed on the card could only be used for online transactions.[13]
The bank said, "[this] will dramatically minimise the negative impact of card data theft and card skimming."[13]
References
- ^ Marce (22 November 2019). "Stuffed episode 29 – Michael Jordaan talks Rain 5G, Bank Zero and nuclear power". Stuff. Retrieved 2019-11-24.
{{cite web}}: CS1 maint: url-status (link) - ^ Whitfield, Bruce (16 September 2019). "Bank Zero has delayed its launch, and South Africa's soft economy isn't helping Discovery Bank and Tyme either". BusinessInsider. Retrieved 2019-11-24.
{{cite web}}: CS1 maint: url-status (link) - ^ Mungadze, Samuel (2019-11-13). "Countdown begins for Michael Jordaan's Bank Zero launch". ITWeb. Retrieved 2019-11-14.
- ^ "Digital-only Bank Zero to launch in SA". Moneyweb. 2018-01-16. Retrieved 2019-11-14.
{{cite web}}: CS1 maint: url-status (link) - ^ a b "SA sees the birth of a new bank - Bank Zero". Bank Zero. 16 January 2018. Retrieved 2019-11-14.
{{cite web}}: CS1 maint: url-status (link) - ^ a b Shapshak, Toby. "Bank Zero Begins Final Countdown With Debit Card Beta". Forbes. Retrieved 2019-11-14.
- ^ "Bank Zero starts first trial runs". Bank Zero. 30 October 2018.
{{cite web}}: CS1 maint: url-status (link) - ^ "Michael Jordaan's Bank Zero prepares to shake up the banking system". BusinessLIVE. Retrieved 2019-11-14.
{{cite web}}: CS1 maint: url-status (link) - ^ "Bank Zero FAQ". Bank Zero. Archived from the original on 2019-11-14. Retrieved 2019-11-14.
- ^ "Bank Zero edges closer". Bank Zero. 27 March 2019.
{{cite web}}: CS1 maint: url-status (link) - ^ Thompson, Warren. "Bank Zero will launch business offering with personal account in 2020". BusinessLIVE. Retrieved 2019-11-24.
{{cite web}}: CS1 maint: url-status (link) - ^ Staff writer (13 November 2019). "This is how Bank Zero plans to make its bank cards different to any other in South Africa". BusinessTech.
{{cite web}}: CS1 maint: url-status (link) - ^ a b c "Here's how Bank Zero's patented debit cards work – and why your card number will never have to change". BusinessInsider. Retrieved 2019-11-14.