Neobank 86 400 sets sights on 2019 public launch

20 and 1,728,000.

The former is the number of days left until the new year, while the latter is the number of seconds (roughly).

But with Christmas to look forward to in between, it’s fair to say that few Australians will be counting down the days until 2019 just yet, let alone the seconds. There might be one exception in the neobank world though.

86 400 is not only the number of seconds in each day, it’s also the name of one of Australia’s pioneering digital banks, and while the bank hasn’t opened it’s (digital) doors to the public quite yet, it’s eying off a public launch in early 2019.

RELATED: 5 banking innovations you won’t want to miss from 2018

In an announcement last week, 86 400 paved the way for a public launch in the near future with the release of its bright aqua debit card design and an update on its app and banking platform.

According to the digital bank, the 86 400 app is currently in the process of being field tested by staff, while their banking platform, which will facilitate real-time payments amongst other things, is already operational.  

“Since coming out of stealth, we’ve made incredible progress in building our bank. We’ve progressed our business and continue to build the base technology that’s going to deliver value for our customers and for our shareholders,” said 86 400 CEO, Robert Bell.

“It’s an exciting time to be at 86 400, but we can’t rest on 2018’s successes. We’ve still got work to do to make sure we deliver on what we’ve promised and make a real impact and drive genuine change in the Australian banking industry. In early 2019, we’ll have our bank in market and will begin showing Australians a different banking experience.”

Quickfire Q&A’s on 86 400

What is 86 400?

86 400 is an Australian-based digital bank backed by payments solutions provider, Cuscal. Their mantra is to provide Aussie users with a “smarter, more personalised banking experience” over a digital-only banking platform. For more information on what neobanks like 86 400 actually are, check out our guide on digital banking.  

What does 86 400 mean?

It’s the number of seconds in a day!

When will I be able to use 86 400?

86 400 haven’t released an official public launch date yet but they have made it clear that they hope to do so in early 2019, pending the success of their full banking licence application. Until then, there is a waiting list that you can jump on if you’re interested.  

Is 86 400 free?

It’s unclear if there will be any fees or other costs associated with 86 400, but what they have made clear so far is that their transaction and savings accounts will have no monthly fees.  

What are some of the cool features 86 400 will provide?

Aside from real-time payments, 86 400 customers will be able to make use of the ‘proprietary Customer Experience Engine’ to sync accounts they have with other banks. That could mean a full financial overview in the one place!

86 400 will also offer mobile payment alternatives to their Visa debit card including Apple Pay, Google Pay and Samsung Pay.

RELATED: Digital banking and neobanks

Need something to keep you occupied until 86 400 launches? Get up to speed with the latest news and guides in banking and financial technology over at the Mozo fintech hub.