South Africa-based Bank Zero has announced it offers commercial banking to businesses of any size. Bank Zero’s commercial banking system is built for the digital age and does not have legacy systems that are expensive and unwieldy, which create inefficiencies and high bank charges.

Streamlining banking operations and reducing costs Officials from Bank Zero highlighted the inefficiency of legacy commercial banking, which involves time-consuming manual paperwork and branch visits. With the app, tasks that previously took a day during busy month-end periods now require just an hour. All tasks, from establishing an in-house banking team and altering mandates to granting access privileges and processing payments, can be accomplished within the bank’s app.

Setting up and managing a flexible team of in-house 'relationship bankers' and transaction approvers is effortless. The bank added that the costs of using the new Bank Zero commercial banking app are also significantly cheaper, with Bank Zero’s costs roughly 85% lower than packages offered by the big four banks, research from Moneyweb shows. Also, due to the higher transaction volumes, savings for larger businesses are exponential, the group said.

Robust security and seamless business solutions The group added that the new app will feature large amounts of security. For example, changed account details are flagged, and supporting documents can be added to payments for authorisation. Business debit cards for staff are also available through the commercial banking offering, while the group, via a partnership with iKhokha, can also supply card machines that are fully integrated with Xero Accounting.

Bank Zero’s focus is on making its services simple to use, transparent, secure, robust, and with zero bank fees. Moreover, the foundation for doing bulk payments and collections is in place and will be released later. .