australianAustralian challenger bank 86 400 is officially Australia’s newest bank, that has been granted a full Authorized Deposit-taking Institution (ADI) license by the Australian Prudential Regulation Authority (APRA).

It means 86 400 will launch transaction and savings accounts which will enable the challenger bank to take unlimited customer deposits and guarantees customers with a high level of protection.

Commenting on the news, Robert Bell, CEO of 86 400, said, “For the last two years, we’ve been busy building a smarter alternative to how Australians bank. Today’s news confirms we’ve passed all of the necessary checks and balances required to call ourselves a bank. “This has been an incredibly thorough process and we’ve had every element of our business stresstested to confirm that we are as robust, secure and safe as any bricks-and-mortar bank. The only thing remaining is to bring 86 400 to market, which we’re now very close to doing. I’m so proud of our team for all the work that’s gone into getting us to this point — but we’re only just getting started”.

According to the supplier, as a smart bank, 86 400’s technology will make Australian’s financial lives a whole lot simpler. 86 400’s data and analytics technology will enable customers to gain an understanding of their spending and savings habits, enabling them to plan forward, as well as look backwards. Up-to-date insights will help customers to take control of their money.

From launch, 86 400 customers will have access to all the digital pays – Apple Pay, Google PayTM, Samsung Pay, as well as FitBit Pay and Garmin Pay – along with a Visa debit card, ATM access and customer support. The 86 400 app will be coming soon to the App Store and Google Play.

by Megha Bhattacharya
Market Analyst at IBS Intelligence