Australian FinTechs Zip and 86 400 partner to accelerate change in financial services

Source: IBS Intelligence 2020-06-09

ASX-listed Zip and smartbank 86 400 announced today an ongoing partnership with the aim to accelerate change in financial services and help Australians take better control of their money.

The partnership encompasses the enablement of 86 400 customers to link and view their Zip Pay and Zip Money accounts. This means that the individuals can view their transactions and balances on the app of the bank.

Robert Bell, CEO, 86 400 enunciated, “Zip and 86 400 are like-minded, purpose-driven businesses. We were both built to give Australians better experiences with their money, and so by workingtogether, we can accelerate our shared mission.”

The Sydney-based bank’s connected accounts feature allows customers to connect and view their financial accounts from over 100 institutions inside the app. This gives them visibility of their entire financial picture.

Larry Diamond, CEO, Zip elucidated, “Millions of Australians are looking for new and better ways to pay and are adopting smarter technologies, such as 86 400 that help them better manage their banking. It was an absolute pleasure working with 86 400, a digital-first organisation like Zip, where customers can now access the latest in everyday banking. We are equally as excited about new features that make it even easier for customers to leverage both companies’ offerings within a seamless digital experience.”

Later this year, 86 400’s service will be integrated with the Customer Experience Engine and Zip’s consumer products which will provide customers with greater visibility of their finances.

“Both Zip and 86 400 invest heavily in technology, and we have a single-minded focus on doing what’s right for the customer, every second of every day. Be it our Energy Switch service, or Zip’s Shop Everywhere feature, these products enable Australians to get more out of their money,” Bell said.

The partnership between two of Australia’s leading fintechs will combine their technological expertise to tap into the growing trend of Australians looking to leave traditional banking and financial products for smarter, fairer digital alternatives.

Challenger banks are unencumbered by legacy technology and outdated processes, according to the FUTURE OF DIGITAL BANKING REPORT 2020 Q1 report by IBS Intelligence. These neobanks are here to save the day from bloated incumbents who may have taken their customers for granted for way too long. These ventures usually have lower operating costs and a digitally clued up management.

Fintechs Zip

smartbank 86 400

Australian FinTechs Zip and 86 400 partner to accelerate change in financial services

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