Neobank 86 400 granted ADI licence by APRA
As of today, neobank, 86 400 has officially been granted a full Authorised Deposit-taking Institution (ADI) licence by the Australian Prudential Regulation Authority (APRA).
This means that the neobank will now be able to launch savings and transaction accounts, as it is able to take deposits from customers.
It also means 86 400 has met the same regulatory requirements as the Big Four and can confidently guarantee the privacy of its customers bank details, plus has guaranteed deposits of up to $250,000.
According to the CEO of 86 400, Robert Bell, no stone was left unturned during the process.
“This has been an incredibly thorough process and we’ve had every element of our business stress-tested to confirm that we are as robust, secure and safe as any bricks-and-mortar bank,” he said.
“The only thing remaining is to bring 86 400 to market, which we’re now very close to doing.”
Understanding the way we save and spend with 86 400
If there’s one thing many Aussies wish they had a better grasp of, it’s understanding their money own habits. And with 86 400’s launch right around the corner, its customers across the country may finally get the chance to, thanks to the neobank’s cutting edge technology.
With the help of data and analytics, 86 400 customers may be able to better track and understand their savings and spending habits, which they can then use to monitor or improve their habits in the future.
Those wishing to become a customer of 86 400 will have to sign up through the app, which takes as little as two minutes.
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Although the app hasn’t launched yet, customers will have access to Osko, the instant-payments platform, as well as all digital payment systems, like Apple and Samsung Pay at launch.
“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,” said 86 400 Chairman, Anthony Thomson.
“Designed for smartphones, our smartbank will help people take control of their money, offering far more than they'd expect from a bank.”
And the good news doesn’t stop there. Since 86 400 won’t function like a regular bank - it will operate totally online - Thomson says this will translate to even more savings for customers.
“With the latest technology, a simpler operating structure and streamlined systems and processes, we’ll be able to make savings that are passed on to our customers, and better returns for our investors,” he said.
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