{"id":249435,"date":"2018-02-20T12:36:49","date_gmt":"2018-02-20T10:36:49","guid":{"rendered":"https:\/\/mybroadband.co.za\/news\/?p=249435"},"modified":"2018-02-20T12:38:24","modified_gmt":"2018-02-20T10:38:24","slug":"discovery-bank-doing-live-system-tests","status":"publish","type":"post","link":"https:\/\/mybroadband.co.za\/news\/banking\/249435-discovery-bank-doing-live-system-tests.html","title":{"rendered":"Discovery Bank doing live system tests"},"content":{"rendered":"<p>Discovery Bank is testing its capabilities with live testing of system infrastructure, operating processes, and regulatory engagement.<\/p>\n<p>This is according to the company\u2019s interim results for the six months ended 31 December 2017.<\/p>\n<p>Discovery has spent R1.2 billion on Discovery Bank, and this is expected to reach R1.5 billion by launch.<\/p>\n<p><a href=\"https:\/\/mybroadband.co.za\/news\/banking\/241916-discovery-bank-will-be-disruptive.html\" target=\"_blank\" rel=\"noopener\"><strong>Discovery CEO Adrian Gore previously said<\/strong><\/a> South African banks are worried about Discovery\u2019s entrance into the market, as it will be disruptive.<\/p>\n<p>\u201cThe value proposition itself will be good for customers. I mean, that is what we do,\u201d said Gore.<\/p>\n<p>He said using incentives to change behaviour works well, and they can add value with their model of sharing value and creating behaviour change.<\/p>\n<p>Discovery Bank will target the \u201cmass affluent market\u201d, which Gore said covers \u201ca low LSM right the way to the top\u201d.<\/p>\n<p>The company confirmed that it has received its\u00a0banking licence, along with:<\/p>\n<ul>\n<li>National Credit Act approval, for the advancement of credit to the public.<\/li>\n<li>South African Multiple Options Settlement, which allows transactions with other banks in South Africa to be settled.<\/li>\n<li>SWIFT approval, which allows it to transact on the SAMOS systems with the SARB.<\/li>\n<li>Payments System of South Africa approval, letting it conform to the rules necessary to process specified payments.<\/li>\n<li>Visa Principal Issuer licence, with Discovery Bank receiving unique six-digit BIN-numbers for both credit and debit cards.<\/li>\n<li>Restricted Authorised Dealer in Foreign Exchange approval, granted by the Financial Surveillance Department.<\/li>\n<\/ul>\n<p>Discovery will launch its banking offering to the public during 2018.<\/p>\n<h3 class=\"my-4\">Now read:\u00a0<a href=\"https:\/\/mybroadband.co.za\/news\/banking\/241916-discovery-bank-will-be-disruptive.html\">Discovery Bank will be disruptive<\/a><\/h3>\n","protected":false},"excerpt":{"rendered":"<p>Discovery Bank is measuring its capabilities with live testing.<\/p>\n","protected":false},"author":23,"featured_media":146965,"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":[34105,15844,38880],"class_list":["post-249435","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-adrian-gore","tag-discovery","tag-discovery-bank"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/249435"}],"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=249435"}],"version-history":[{"count":1,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/249435\/revisions"}],"predecessor-version":[{"id":249437,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/249435\/revisions\/249437"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/146965"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=249435"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=249435"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=249435"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}