Bank Zero launches commercial banking services
Bank Zero has rolled out banking services for commercial clients.
Bank Zero chairman Michael Jordaan said this allows businesses of any size to benefit from Bank Zero’s “uniquely simple, effective and technology-driven” approach to banking.
Jordaan said that the bank had completely rethought commercial banking to bring it into the digital age, with a focus on efficiency and low costs.
“We’ve built it from the ground up, which means we have no legacy systems that are both cumbersome and costly, leading to inefficiency and high bank charges,”
Bank Zero CEO Yatin Narsai said that although it was a complex project, the result was “groundbreaking”.
“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.
“Everything from setting up your in-house banking team, changing mandates and granting access privileges, to making payments is all done within the app.
“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.”
Yatin Narsai, Bank Zero CEO
According to Bank Zero CFO, Liné Wiid, the productivity and safety gains of Bank Zero’s offering were phenomenal.
“Once you get over the shock of doing commercial banking on an app, you realise that doing your banking is a breeze,” Wiid said.
“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.”
In addition to enhanced productivity, Bank Zero said its costs were significantly lower.
It said for larger businesses, in particular, savings grow exponentially due to higher transaction volumes.
Yatin added that security was another important feature of its commercial offering.
“For example, changed account details are flagged, and supporting documents can be added to payments for authorisation,” he explains.
“It’s designed to enhance productivity while being very secure. Some business customers also enjoy using our informative scheduled payments and transfers to automate regular payments.”
Other included features — and some coming later
Additional features of the commercial offering include:
- Downloading transaction histories into spreadsheets, making reconciliations much easier.
- The ability to set up business debit cards for staff.
- Support for Bank Zero-supplied iKhoka card machines with Xero Accounting integration.
Two noteworthy features that will only arrive later are the ability to make bulk payments and collections.
Narsai said the foundation for these features was already in place and would be released later.
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