Close Menu
TechCentralTechCentral

    Subscribe to the newsletter

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    Facebook X (Twitter) YouTube LinkedIn
    WhatsApp Facebook X (Twitter) LinkedIn YouTube
    TechCentralTechCentral
    • News

      The satellite broadband operators taking on Starlink

      9 July 2025

      China’s Temu ups ante with South African warehouse launch

      9 July 2025

      What Steve Jobs feared is now the tech industry’s reality

      9 July 2025

      Cape Town fintech Stitch in another blockbuster acquisition

      9 July 2025

      Apple is said to be eyeing Formula 1 broadcast rights

      9 July 2025
    • World

      Cupertino vs Brussels: Apple challenges Big Tech crackdown

      7 July 2025

      Grammarly acquires e-mail start-up Superhuman

      1 July 2025

      Apple considers ditching its own AI in Siri overhaul

      1 July 2025

      Jony Ive’s first AI gadget could be … a pen

      30 June 2025

      Bumper orders for Xiaomi’s YU7 SUV heighten threat to Tesla

      27 June 2025
    • In-depth

      Siemens is battling Big Tech for AI supremacy in factories

      24 June 2025

      The algorithm will sing now: why musicians should be worried about AI

      20 June 2025

      Meta bets $72-billion on AI – and investors love it

      17 June 2025

      MultiChoice may unbundle SuperSport from DStv

      12 June 2025

      Grok promised bias-free chat. Then came the edits

      2 June 2025
    • TCS

      TCS | Connecting Saffas – Renier Lombard on The Lekker Network

      7 July 2025

      TechCentral Nexus S0E4: Takealot’s big Post Office jobs plan

      4 July 2025

      TCS | Tech, townships and tenacity: Spar’s plan to win with Spar2U

      3 July 2025

      TCS+ | First Distribution on the latest and greatest cloud technologies

      27 June 2025

      TCS+ | First Distribution on data governance in hybrid cloud environments

      27 June 2025
    • Opinion

      In defence of equity alternatives for BEE

      30 June 2025

      E-commerce in ICT distribution: enabler or disruptor?

      30 June 2025

      South Africa pioneered drone laws a decade ago – now it must catch up

      17 June 2025

      AI and the future of ICT distribution

      16 June 2025

      Singapore soared – why can’t we? Lessons South Africa refuses to learn

      13 June 2025
    • Company Hubs
      • Africa Data Centres
      • AfriGIS
      • Altron Digital Business
      • Altron Document Solutions
      • Altron Group
      • Arctic Wolf
      • AvertITD
      • Braintree
      • CallMiner
      • CambriLearn
      • CYBER1 Solutions
      • Digicloud Africa
      • Digimune
      • Domains.co.za
      • ESET
      • Euphoria Telecom
      • Incredible Business
      • iONLINE
      • Iris Network Systems
      • LSD Open
      • NEC XON
      • Network Platforms
      • Next DLP
      • Ovations
      • Paracon
      • Paratus
      • Q-KON
      • SevenC
      • SkyWire
      • Solid8 Technologies
      • Telit Cinterion
      • Tenable
      • Vertiv
      • Videri Digital
      • Wipro
      • Workday
    • Sections
      • AI and machine learning
      • Banking
      • Broadcasting and Media
      • Cloud services
      • Contact centres and CX
      • Cryptocurrencies
      • Education and skills
      • Electronics and hardware
      • Energy and sustainability
      • Enterprise software
      • Fintech
      • Information security
      • Internet and connectivity
      • Internet of Things
      • Investment
      • IT services
      • Lifestyle
      • Motoring
      • Public sector
      • Retail and e-commerce
      • Science
      • SMEs and start-ups
      • Social media
      • Talent and leadership
      • Telecoms
    • Events
    • Advertise
    TechCentralTechCentral
    Home » Banking » Michael Jordaan’s Bank Zero readies for launch

    Michael Jordaan’s Bank Zero readies for launch

    By Staff Reporter13 November 2019
    Twitter LinkedIn Facebook WhatsApp Email Telegram Copy Link
    News Alerts
    WhatsApp
    Bank Zero chairman Michael Jordaan

    Bank Zero, the digital bank backed by former First National Bank CEO Michael Jordaan, is on track to launch in the first half of next year and is promising innovations to stamp out card fraud.

    The start-up bank said on Wednesday that it has “fully completed its core value proposition by going live with its debit card”.

    “Following this card go-live, rigorous health checks such as simulated card attacks, card fraud detection and retailer readiness are currently underway. Thereafter the final countdown to starting public operations will begin,” it said in a statement.

    We wanted to create an exciting customer offering which required building our own systems

    Bank Zero said it has designed and patented a card that will “dramatically minimise” card data theft and card skimming.

    “Mastercard teams from South Africa, India and the US were closely involved in validating and commissioning this card solution,” it said. “IBM’s global expertise in encrypted card security was also tapped into.”

    Bank Zero CEO Yatin Narsai said the company has not bought any traditional banking systems or outsourced any work, which he described as “expensive yet conventional” options. “We wanted to create an exciting customer offering which required building our own systems.”

    ‘Special functionality’

    He said the bank plans to offer “special functionality” around social connectedness, transparency, control, advanced payments and a focus on savings.

    It has created three large “payment rails” from scratch, namely direct integration into the South African Reserve Bank’s systems in order to become a settlement bank; electronic payments (EFTs) and debit orders, establishing Bank Zero as a clearing bank; and issuing and processing of debit cards.

    Bank Zero CEO Yatin Narsai

    It said the final steps to be completed before going live to the public are:

    • Completing the Android and iOS apps for both individuals and businesses;
    • Putting the patented card through its paces by actively using the first cards;
    • Confirming that regulatory reporting is in order;
    • Performing the annual disaster recovery test;
    • Ensuring that cards can be used internationally;
    • Confirming security and performance testing to ensure Bank Zero’s systems can handle massive volumes;
    • Implementing a standby system, enabling maintenance without inconveniencing customers;
    • Fine-tuning and completing the build-out of the customer service model; and
    • Extending current beta testing.  — © 2019 NewsCentral Media


    Bank Zero Michael Jordaan top Yatin Narsai
    Subscribe to TechCentral Subscribe to TechCentral
    Share. Facebook Twitter LinkedIn WhatsApp Telegram Email Copy Link
    Previous ArticleThe multiple hurdles of future-proofing a business
    Next Article Big profit miss at Tencent sends Naspers, Prosus tumbling

    Related Posts

    TechCentral Nexus S0E4: Takealot’s big Post Office jobs plan

    4 July 2025

    Bank Zero to target a broader market with Lesaka’s backing

    30 June 2025

    Lesaka Technologies to buy Bank Zero in R1.1-billion deal

    27 June 2025
    Company News

    Webtonic cracks the talent code with AWS-powered TonicHub

    9 July 2025

    Wider than a Bok: LG’s new 100-inch QNED TV brings the big screen home

    9 July 2025

    Huawei South Africa Partners Forum 2025: joining hands for a digital, intelligent future

    8 July 2025
    Opinion

    In defence of equity alternatives for BEE

    30 June 2025

    E-commerce in ICT distribution: enabler or disruptor?

    30 June 2025

    South Africa pioneered drone laws a decade ago – now it must catch up

    17 June 2025

    Subscribe to Updates

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    © 2009 - 2025 NewsCentral Media

    Type above and press Enter to search. Press Esc to cancel.