Bank Zero launches commercial banking

Bank Zero is now offering commercial banking to businesses of any size.

Michael Jordaan, Chair of Bank Zero, said that the group’s commercial banking system is built for the Digital Age and does not have legacy systems that are expensive and unwieldy, which create inefficiencies and high bank charges.

“Everything from setting up your in-house banking team, changing mandates and granting access privileges, to making payments is all done within the app,” CEO Yatin Narsai said.

“It’s easy to set up and manage a flexible team of in-house ‘relationship bankers’ to do the legwork, and authorisers to approve transactions.”

“Using legacy commercial banking was extremely time-consuming, requiring manual paperwork and branch visits. When we do our banking during the busy month-end period, what used to take a day takes an hour,” CFO Liné Wiid added.

The bank added that the costs of using the new Bank Zero commercial banking app are also significantly cheaper, with Bank Zero’s costs roughly 85% lower than packages offered by the big four banks, research from Moneyweb shows.

Due to the higher transaction volumes, savings for larger businesses are exponential, the group said.

The group added that it the new app will feature large amounts of security.

“For example, changed account details are flagged, and supporting documents can be added to payments for authorisation,” Narsai said.

Business debit cards for staff are also available through the commercial banking offering, whilst the group, via a partnership with iKhokha, can also supply card machines that are fully integrated with Xero Accounting.

“Bank Zero’s approach is radically different: we focused on making it simple to use, transparent, secure, robust—and with zero bank fees,” Narsai said.

“The foundation for doing bulk payments and collections is in place, and will be released later.”

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