86 400 granted full banking licence
86 400 is officially Australia’s newest bank, having been granted a full Authorised Deposit-taking Institution (ADI) licence by the Australian Prudential Regulation Authority (APRA).
The licence is a significant milestone on the path to public launch. It 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, therefore guaranteeing customers the same level of protections.
Commenting on the news, Robert Bell, CEO of 86 400, said: “For the last two years, we’ve been busy building a smarter alternative to how Australians bank. Today’s news confirms we’ve passed all of the necessary checks and balances required to call ourselves a bank.
“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. The only thing remaining is to bring 86 400 to market, which we’re now very close to doing.”
“I’m so proud of our team for all the work that’s gone into getting us to this point — but we’re only just getting started.”
As a smartbank, 86 400’s proprietary technology will make Australian’s financial lives a whole lot simpler.
Through the use of data and analytics, customers will gain a better understanding of their spending and savings habits, enabling them to plan forward, as well as look backwards. Up-to-date insights will help them take control of their money.
In as little as two minutes, customers will be able to open an account with real-time payments through Osko, competitive fees and a great savings rate. 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 customer support.
The 86 400 app will be coming soon to the App Store and Google Play. It will be available first to those who have signed up via the waitlist on the 86 400 website (www.86400.com.au).
Anthony Thomson, Chairman of 86 400 and former founder and chair of two successful challenger banks in the UK, said: “From early on, we’ve been incredibly confident that what we’re building will offer Australians a smarter alternative to the Big Four banks.”
“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.”
“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. To get APRA’s approval today is a testament to the incredible work of the 86 400 team over the past two years.”
To find out more about 86 400 or sign up for early access, please visit: www.86400.com.au
