Led by UK neobank veteran Anthony Thomson, former ANZ Japan CEO Robert Bell and one-time Cuscal CIO Brian Parker is getting ready to challenge the dominance of the country's Big Four banks with the aid of a suite of proprietary app-based technology tools.

Field testing of the beta 86 400 app and debit card with staff commenced this quarter. The bank has also signed up with local supplier Data Action for a core banking platform that has been operational for a number of months. The challenger says that all payment rails - including real-time payments - are established, and money is flowing through the banking system

The core is tightly integrated with 86 400’s proprietary Customer Experience Engine, which uses data and cloud-based technologies to give customers a single view of their financial transactions and proactive insights to make the most of their money.

Fully funded and backed by Australian payments processor Cuscal, the banking startup says talks with the Australian Prudential Regulation Authority for a full banking licence are progressing well.

With an early 2019 launch penciled in, the bank has also begun sounding out prospective investors. The ambitious plan for 86 400 requires in excess of $250m of capital over the first three years of operation, with additional shareholders expected over that period.

Chairman Thomson says: “2019 is going to be an incredible year for 86 400, and the Australian banking industry as a whole. I’m looking forward to spending more time here, working with the board as we ramp up towards the launch of our product offering to the public, and speaking to future investors that want to be on this journey with us.

By the end of next year, 86 400 will have a number of new investors and shareholders engaging with our mission to give Australians the bank that they deserve.”