Bano Personal Account – Target Market Determination (“TMD”)
ABOUT THIS TMD
Bano Pty Ltd AFSL No. 536984 (Bano, us, we, our) is the issuer of the non-cash payment product described in this TMD.
Bano provides a mobile application that offers you a sophisticated payment solution via your Bano Account. The Bano Account includes access to the non-cash payment product referred to in this TMD.
This TMD is effective from 19 December 2022 and relates to the Bano non-cash payment facility issued by Bano.
This TMD describes:
- the class of customers that comprise the target market for the Bano Account;
- any conditions or restrictions on how the Bano Account may be issued; and
- events or circumstances which will cause us to review the TMD.
The TMD is not a replacement for the terms and disclosure documents which govern the Account. We encourage you to read and consider the Product Disclosure Statement (“PDS”) and Terms & Conditions (“T&Cs”), which are available on our website, before deciding whether the Account is appropriate for you.
PRODUCT DESCRIPTION
The Bano Account has been designed to be a ‘super-app’ where customers can manage their money and financial affairs through an easy-to-use and safe mobile application. The Account is only available digitally through our mobile application, which can be downloaded from Apple’s App Store or the Google Play Store.
By logging into the Bano Account consumers can access the following services:
- receive funds from a bank account held in your name with an Australian ADI;
- receive funds from a bank account held in your name with an overseas bank through the SWIFT network;
- receive funds from a third party’s bank account held with an Australian ADI or another institution;
- receive funds from a third party’s account held with Bano;
- convert funds from one currency to another currency;
- make payments to a bank account held in your name with an Australian ADI;
- make payments to a third party’s bank account held with an Australian ADI or another institution;
- make payments to a third party’s account held with Bano;
- make payments to a third party bank account held with an overseas bank through the SWIFT network; and
- make payments to merchants from your Bano account with a Mastercard prepaid card.
ATTRIBUTES AND TARGET MARKET
The TMD is required to disclose the key attributes of the Account and when they are likely to be consistent with the identified target market for the Account, which is based on the likely objectives, financial situation and needs of consumers.
Needs, objectives and financial situation of customers within the target market | Product attributes |
A person who is technologically literate and prefers to use digital-only channels and does not require face-to-face assistance to use the product. | Customers can only access the Account by downloading the Bano mobile application, which is available on the Apple App Store or Google Play Store. |
A person who requires a transaction account to hold money, receive funds and make payments domestically. | Customers can receive and make payments from their Account. Customers are provided with a physical and virtual prepaid Mastercard card, which is linked to their Account. The Mastercard card can be used to transact in-person and online. |
A person who wishes to hold foreign currency for savings purposes or to make or receive payments in foreign currency. | Customers can use the currency exchange service to convert AUD to other supported currencies (and vice versa). Customers can hold AUD and other supported currencies* in their Account. Customers can receive and make payments in supported currencies. *A list of supported currencies is available from our website. |
DISTRIBUTION CONDITIONS
We apply the following distribution conditions so that the Account is likely to be provided to customers in the target market:
Condition | Reason |
The Account is only distributed by Bano through its mobile application. | This distribution model is consistent with the target market’s preference to use digital-only channels. |
The Account will only be issued once the customer completes an application form and passes our onboarding procedures. | These procedures are intended to confirm that the customer meets the eligibility conditions which apply to the Account. |
Both traditional and digital media channels may be used to promote the Account. However, digital media channels will generally be preferred to promote the Account. | A focus on digital marketing aligns with the target market’s preference to use digital-only channels. |
REVIEW
We will review this TMD on an annual basis, or earlier if other circumstances require a review of the TMD.
A review will be undertaken immediately upon the occurrence of a review trigger, which is:
- the introduction of new products or major features;
- any material change to existing products or major features;
- a change to any law, regulatory guidance or industry code which has a material effect on the terms of the Account;
- a significant number of complaints with respect to the Account;
- where there are significant dealings in the Account which are not consistent with the identified target market or this TMD; or
- where our reporting and monitoring procedures identify a need to review the TMD.
REPORTING
We will collect and analyse information about the Account on an ongoing basis to determine whether the TMD remains appropriate. The type of information we will collect includes:
- product performance data which may include numbers of new sign-ups, cancellation rates and dormant accounts;
- customer feedback and complaints on product experience, including the volume and category of complaints received;
- general feedback from other sources, such as regulators, third-party suppliers and other stakeholders; and
- information or data which may suggest that there are significant dealings in the distribution of the Account.
Bano Business Account – Target Market Determination (“TMD”)
ABOUT THIS TMD
Bano Pty Ltd AFSL No. 536984 (Bano,we, us, our) is the issuer of the non-cash payment product described in this TMD.
Bano provides a virtual business account (Business Account) which can be accessed through Bano’s mobile application (Bano App) or by logging into the customer portal via the Bano website (Bano Website). The Business Account includes access to the non-cash payment product referred to in this TMD.
This TMD is effective from 31 October 2024 and relates to the Business Account issued by Bano.
This TMD describes:
the class of customers that comprise the target market for the Business Account;
any conditions or restrictions on how the Business Account may be issued; and
events or circumstances which will cause us to review the TMD.
The TMD is not a replacement for the terms and disclosure documents which govern the Business Account. We encourage you to read and consider the Product Disclosure Statement and Terms & Conditions, which are available on our website, before deciding whether the Business Account is appropriate for you.
PRODUCT DESCRIPTION
The Business Account provides businesses with a digital wallet for the management of funds, supporting domestic and international transfers. Customers can convert between supported currencies and make transfers to global recipients. Customers can also use the linked Mastercard / Union Pay prepaid card to make online and in-store purchases.
The Business Account is only available digitally through the Bano App, which can be downloaded from the Apple App Store or Google Play Store, or by logging into the Bano Website. Customers can set up and manage their accounts entirely online, with 24/7 access to account balances, transaction history and support through the Bano App and Bano Website.
The Business Account has the following key features:
receive funds in AUD from a bank account held in your name with an Australian Authorised Deposit-taking Institution (ADI);
receive funds in AUD or any other supported currency from a bank account held in your name with an overseas bank through the SWIFT network;
receive funds in AUD from a third party’s bank account held with an Australian ADI or another local institution;
receive funds in AUD from a third party’s account held with Bano;
convert funds from one currency to another currency, provided such currencies are supported by Bano;
hold funds in AUD and any supported currency;
make payments in AUD to a bank account held in your name with an Australian ADI;
make payments in AUD to a third party’s bank account held with an Australian ADI;
make payments in AUD to a third party’s account held with Bano;
make payments in AUD or any other supported currency to a third party bank account held with an overseas bank through the SWIFT network; and
make payments in AUD to merchants from your Business Account with a Mastercard / Union Pay prepaid card.
ATTRIBUTES AND TARGET MARKET
The TMD is required to disclose the key attributes of the Business Account and when they are likely to be consistent with the identified target market for the Business Account, which is based on the likely objectives, financial situation and needs of consumers.
| Needs, objectives and financial situation of customers within the target market | Product attributes |
|---|---|
| Is technologically literate and prefers to use digital-only channels and does not require face-to-face assistance to use the product. | Customers can only access the Business Account by downloading the Bano App, which is available on the Apple App Store or Google Play Store, or by logging into the Bano Website. |
| Requires an account to receive and transfer money for business purposes – both domestically and internationally. | Customers can manage payments globally in over 30 currencies. The Business Account allows users to hold, convert and transfer funds seamlessly between supported currencies. |
| Requires the ability to hold and manage multiple currencies in a single account. | |
| Requires the functionality to make purchases in Australia with merchants online and in-store. | Customers are provided with a physical and virtual Mastercard / Union Pay prepaid card, which is linked to the Business Account. This can be used to transact in AUD in-person and online. |
| Prefers to manage and monitor transactions electronically in real-time. | Customers have access to account history and balances 24/7 via the Bano App or Bano wesbite. Customer support is also accessible via the Bano App. |
| Is able to pay the selected plan subscription fee and any applicable transaction fees. | The Business Account has multiple plan tiers at different price points. Higher tier plans receive additional benefits, such as increased account functionality and customisation. The subscription fee is in addition to any applicable transaction fees. |
DISTRIBUTION CONDITIONS
We apply the following distribution conditions so that the Business Account is likely to be provided to customers in the target market:
| Condition | Reason |
|---|---|
| The Business Account is only distributed by Bano through the Bano App or the Bano Website. | This distribution model is consistent with the target market’s preference to use digital-only channels. |
| The Business Account can only be distributed to companies, partnerships or sole traders that carry on a business. | This seeks to limit distribution to customers who wish to use the product for business purposes only. |
| The Business Account will only be issued once the customer completes an application form and passes our onboarding procedures. | These procedures are intended to confirm that the customer meets the eligibility conditions for the Business Account. |
| Both traditional and digital media channels may be used to promote the Business Account. However, digital media channels will generally be preferred to promote the Account. | A focus on digital marketing aligns with the target market’s preference to use digital-only channels. |
REVIEW
We will review this TMD on an annual basis, or earlier if other circumstances require a review of the TMD.
A review will be undertaken immediately upon the occurrence of a review trigger, which is:
the introduction of new products or major features;
any material change to existing products or major features;
a change to any law, regulatory guidance or industry code which has a material effect on the terms of the Business Account;
a significant number of complaints with respect to the Business Account;
where there are significant dealings in the Business Account which are not consistent with the identified target market or this TMD; or
where our reporting and monitoring procedures identify a need to review the TMD.
REPORTING
We will collect and analyse information about the Business Account on an ongoing basis to determine whether the TMD remains appropriate. The type of information we will collect includes:
product performance data which may include numbers of new sign-ups, cancellation rates and dormant accounts;
customer feedback and complaints on product experience, including the volume and category of complaints received;
general feedback from other sources, such as regulators, third-party suppliers and other stakeholders; and
information or data which may suggest that there are significant dealings in the distribution of the Business Account.