DURBAN – Bank Zero has chosen IBM to deliver an open-source based banking platform that will allow the bank to deliver fast, easy and continuous banking services to digital customers.
Bank Zero's core banking applications will run on IBM LinuxONE. The platform will allow customers to carry out a variety of banking transactions from opening a new account to making payments, without physically going to the bank.
Bank Zero is based on a mobile app and is currently in Alpha testing of their app-based bank which is set to launch in 2019.
Using a mutual banking licence Bank Zero will take advantage of the increasing use of smartphones and customers moving to digital services and platforms in South Africa.
"Bank Zero is part of the new frontier of banking in South Africa. In a digitally connected world, employing cutting-edge technologies and delivering state-of-the-art security is at the core of innovation. As we focus on delivering a robust banking value proposition to our customers, collaborating with IBM will ensure that we have a secure, leading platform from which to deliver banking services," said Bank Zero co-founder and chairman, Michael Jordaan.
As Bank Zero pursues customers by addressing their needs in new and distinct ways, the secure, open-source based platform is designed to handle changing expectations and fast increases in mobile transactions.
IBM will make sure that Bank Zero’s infrastructure handles real-time digital interactions as its customers use digital channels for their day-to-day banking activities and interactions.
Also, IBM will provide security on the platform ensuring that customer data is secure, whether in rest or in flight.
“Innovation is at the core of Bank Zero’s strategy to reach customers through digital banking in South Africa,” said IBM South Africa Country General Manager, Hamilton Ratshefola. “
He added that for IBM, this represents a big opportunity to power this unique and fresh approach to banking and IBM is uniquely equipped to help Bank Zero with this mission.