Standard Bank will consolidate existing online trading platforms under Shyft, its global money app. The migration will take effect over the course of 2025 and 2026.
This follows an assessment of client feedback, prevailing industry trends, and a comprehensive review of the existing online retail trading platforms including the bank’s WebTrader, Auto Share Invest (ASI), and Online Share Trading (OST).
Shyft was selected as the most suitable platform for servicing global and local investing and trading needs across various currencies and assets. The award-winning global money app, which was developed in 2016, has enhanced international travel, shopping, payments, and investments.
“We are making direct contact with clients on the migration,” says Henry Dhliwayo, head of the global markets retail business at Standard Bank Corporate and Investment Banking.
“To minimise disruption and ensure stability, the move of clients and assets will be carried out in multiple tranches, with each phase carefully planned and communicated. These platforms will remain available for some time; however, eventually, they will only be accessible via Shyft.”
The phased migration has begun with OST, where clients currently using the platform to invest in shares and exchange traded funds have been contacted directly with information about the move to Shyft. Clients who currently hold or invest in other financial instruments – such as tax-free investment accounts, derivatives, or structured products – will be included in subsequent phases of the rollout. Similarly, clients whose accounts are managed by third parties or intermediaries will be migrated at a later stage.
Earlier this year, Shyft added the Johannesburg Stock Exchange’s listed to its investment and trading platform. The app is available to Standard Bank and non-Standard Bank clients who reside in South Africa or Botswana. Shyft offers physical and digital cards.
* Visit the Shyft website here.