Sandbox bank

EQ Bank Built Its All-Digital Bank On Modern Technology

EQ doesn’t have branches and never will, said Moor, although that means that it has some limits on the products it can offer, like auto loans which require paper, at least for now.“Our view is we shouldn’t launch products that require a branch execution. We do things we can do really well digitally — that’s part of our challenger bank ethos.”EQ has been rethinking what a bank account is all about, he said. It has an all-in-one account that pays 2.3% interest and has significant payment capability. As a digital bank, it does not offer ATM withdrawals.“Getting hold of cash is a challenge.” But EQ customers can always get cash at a supermarket.

They need secure ID, which can handle bearer assets. Transactions done in bearer cash are touch and go, no third party ledger. Great for retail, they can load up their cash register with bearer asset, and just drop change into EQ smart cards. But EQ hasn't got smart card, they need to talk to Apple.