KNB (Kaldan National Bank) is the only standard bank in Kaldus. This is a byproduct of how money is handled in the nation. There is no physical cash. So with that said, every resident in the nation will have a single bank account with KNB. This is to reduce problems that might occur with transactions between 2 banks. Also, the KNB will not charge for having an account, and if there is not enough funds in the bank account, a transaction will get denied. With that said, there is no overdraft fees.
Transactions in Kaldus is all digital, and rather than forcing a business to accept paying high transaction fees with credit card networks, everyone will support Kal-Pay. Kal-Pay will be about 1% of the transaction for businesses to process which is likely cheaper than what Mastercard, or Visa will charge. When using the Kal-Pay network, transactions are handled within seconds of the transaction making it a reliable near cash like experience without the negative consequences of cash. In order to use Kal-Pay, the customer just has to use their ID card’s EMV or NFC capability. And because the customer’s account, and the business bank account is all the same – this will be less friction, and the reason of how processing can be done within seconds.
Everyone with a KNB account will provide their NIN as the account number. The sender will go to the login control panel, or the app and simply select how much they wish to send, and the NIN number. The app will do an identity lookup to verify to the sender that they are sending money to the correct person. Once money is sent, it can not be unsent. With the app, the account holder can store various people they know into the app to make it easier to send money to them. They can also choose to log into the bank’s website, and send money that way. The same will apply to paying bills as there is a Business ID Number which is similar to an NIN for businesses.
Now, since everyone has a bank account, one might ask about newborns, and guardians. Well first, guardians will receive a portion of GBI to them for the care of the child. It won’t be everything the child will cost, but it will help make things a little better. As mentioned, GBI is a hand up, and not a hand out. The rest of the child’s GBI will directly deposit into a “pre-active” account. The only viable transactions for pre-active accounts are deposits. Someone (such as the government with GBI) can deposit money into an account with just by knowing the NIN of the person. However, pre-active accounts will not withdraw money from the account, and any attempt to do so will fail. Once the account owner is old enough to manage their money, they will go to HHS, and acquire their GIN, and any other information they will need. They will then acquire a GAON to take to the bank with them. Once they activate the account, they can use their ID card to make purchases, and they can manage their account as they see fit. Even with an active account, people still can not take money out of an account that is not theirs. The same will apply to the child’s account after they activate the account.