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I think people might be missing the point here.
This allows you to implement and trial/prototype potential app functionality with minimal cost. If you hit something that works well, you can use your proof-of-concept to get buy-in from bank(s) and then roll it out at a massive scale.
Currently, you need to get that buy-in, loads of expenses etc. before you can even play and prove your concept. Now you can play as much as you want without it costing you all that much. Brilliant for app developers in the finance space!
Currently no bank in SA offers an API (at least that I know of) that lets you manage your banking, or spending if you will. That's the point.
edit: I'm assuming you're in IT here, if not, in lay terms: this lets your own software manage your bank account for you, what you spend your money on, how much you can spend, etc, etc.
There's some examples in the article, but one that may be apt for us is to set a limit of R250 for beers at the bar, as soon as you cross that limit the software sends you an SMS and disables your card until 7am the next morning.
Small Necro of nearly 3 years... Does anyone actually use 22seven and if so, doesn't it seem super dodge?