Banking is simple in Kaldus. Everyone living in Kaldus must have a bank account to be able to receive and send money. This is because Kaldus is a cashless nation. All currency is digital. I would assume one could rely on a credit card, and pay the card from foreign bank account to avoid having an KNB account, but they will not be able to receive or send money still. With that said, a bank account is essential.
Every bank account will have an account number. This will be their NIN+2 digits for a 13 digit account number. However, one can send money to someone else just by knowing their NIN. Therefore if Frank wishes to give Joe $10, he will just need to know Joe’s NIN. He can then log into the bank portal (https://bank.ka/login), or use the KNB banking app. However, there is no way that Frank can take money out of Joe’s account. This prevents bad actors from taking money out of their account just by knowing the account number.
If someone needs to pay a company or person on a regular basis, then they will need to setup either a withdrawal authorization, or a payment plan. Withdrawal Authorization permits a legitimate company with a business license to take a maximum amount out of the account on a particular date of the month. Day 31 is not an option. The withdrawal will show up immediately out of the customer’s account as long as the payment is within the nation. A payment plan is a set amount of money that comes out of the account an into another account for a set number of months. This will be a set amount with the last month being a number other than the amount paid every month.
The account holder can also make additional payments to a person, or company. They will log into their account, and make the payments. As with all other transactions, the payment is immediate, and there is no “pending” status with charges, or other payments. Everything is done within an instant when making a domestic payment.
Most likely (and assumed), Mastercard will be the debit card provider. This will mean all debit cards will have the Mastercard logo on it. This means that all businesses in Kaldus must accept Mastercard. In addition, the bank customer can use their ID card as a debit card. On the back of the card will be an EMV chip. The customer will insert their ID card upside down, and the transaction will process within the Kaldan banking network which is much cheaper for the business to accept those payments. A business is not allowed to charge a fee for using either the ID card, or a credit card. If the business wishes to charge such fee, they must bake the fee in the cost of their product or service.
Since Kaldus is a digital currency nation, there must be a secured, and sustainable way to provide for money for everyone. At birth, a newborn will receive a pre-active account with KNB. This account will be able to receive GBI payments, and gifts from loved ones. However, no one can withdraw money from the pre-active account no matter the relation to the person. The account will remain pre-active until the account owner goes to HHS, acquire their GIN, and acquire a GAON for activating their account. This can only be done at 13 years or older. This assures that the citizen will have access to their resources when they are old enough to understand the financial consequences of their action. They will also learn personal finance while in school.