{"id":244735,"date":"2018-01-16T15:02:44","date_gmt":"2018-01-16T13:02:44","guid":{"rendered":"https:\/\/mybroadband.co.za\/news\/?p=244735"},"modified":"2018-01-22T07:42:07","modified_gmt":"2018-01-22T05:42:07","slug":"cool-features-planned-for-root-programmable-bank-account","status":"publish","type":"post","link":"https:\/\/mybroadband.co.za\/news\/banking\/244735-cool-features-planned-for-root-programmable-bank-account.html","title":{"rendered":"Cool features planned for Root programmable bank account"},"content":{"rendered":"<p><a href=\"https:\/\/root.co.za\/blog\/the-year-of-programmable-banking\" target=\"_blank\" rel=\"noopener\"><strong>Root has revealed<\/strong><\/a> the first life insurance product on its insurance API, along with plans for several new features for its programmable bank account.<\/p>\n<p>One of the features it plans to launch this year is scheduled RootCode.<\/p>\n<p>\u201cThink AWS Lambda and cron with your bank account,\u201d said Root.<\/p>\n<p>With scheduled code, you can program your bank account to do things like send recurring dynamic payments &#8211; such as your electricity bill &#8211; or send yourself weekly usage summaries by email.<\/p>\n<p>Root said it is also working on tools to prevent users from accidentally transferring funds when they make a mistake in their code.<\/p>\n<p>It has also tested open-sourcing its iOS and Android apps to Root beta users.<\/p>\n<p>\u201cThis has been working great so far, and we\u2019ll be looking to improve the processes and tooling around this as well,\u201d said Root.<\/p>\n<p>\u201cWe\u2019re still in private beta, only accepting selected people onto the platform, but are planning to break into public beta early in this year.\u201d<\/p>\n<p>Root told MyBroadband it <a href=\"https:\/\/mybroadband.co.za\/news\/banking\/242210-programmable-bank-account-root-launching-next-year.html\"><strong>plans to launch the service commercially<\/strong><\/a> this year.<\/p>\n<h3 class=\"my-4\">Life insurance for young parents<\/h3>\n<p>Root said it plans to open an API for insurance products on its platform soon.<\/p>\n<p>It ran user tests on long-term and short-term insurance products, and decided to focus its next apps on life insurance to optimise the platform in one area.<\/p>\n<p>The first life insurance product based on the development, a low-cost product for young parents called <strong><a href=\"https:\/\/herolife.co.za\" target=\"_blank\" rel=\"noopener\">Hero<\/a><\/strong>, went live in December.<\/p>\n<p>\u201cDevelopment started during an insurance hackathon we co-hosted in August, and the team is now selling real policies,\u201d said Root.<\/p>\n<p>\u201cLike the world of banking, insurance is a highly-regulated industry. To get a product to market can take months and literally require millions of rand.&#8221;<\/p>\n<p>\u201cWhile working with some great people at MMI Holdings, we had the opportunity to experiment with Insurance as an API, making something that\u2019s traditionally very heavyweight, programmable.\u201d<\/p>\n<p>The API takes care of the complexities of insurance licenses and legal compliance.<\/p>\n<p>\u201cThat means makers can focus on their product and customers, leaving the red tape to us,\u201d said Root.<\/p>\n<h3 class=\"my-4\">Now read:\u00a0<a href=\"https:\/\/mybroadband.co.za\/news\/banking\/218806-standard-bank-zero-rates-data-charges-on-banking-app.html\">Standard Bank zero-rates data charges on banking app<\/a><\/h3>\n","protected":false},"excerpt":{"rendered":"<p>Root has revealed the first life insurance product on its insurance API.<\/p>\n","protected":false},"author":23,"featured_media":205876,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"idle","_sma_x_autopost_error":"","_sma_x_post_id":"","_sma_facebook_post_id":"","_sma_instagram_post_id":"","_sma_x_attempts":0,"footnotes":""},"categories":[10106],"tags":[35,38978,1851],"class_list":["post-244735","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-headline","tag-root","tag-standard-bank"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/244735"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/23"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=244735"}],"version-history":[{"count":1,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/244735\/revisions"}],"predecessor-version":[{"id":244951,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/244735\/revisions\/244951"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/205876"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=244735"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=244735"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=244735"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}