Online trading clients of Standard Bank to be transitioned to Shyft Platform by the year 2026.
Standard Bank Migrates Online Trading Platforms to Shyft
In a groundbreaking move, Standard Bank has announced its plans to consolidate its online retail trading platforms over the course of 2025 and 2026. The consolidation will see the merger of WebTrader, Auto Share Invest (ASI), and Online Share Trading (OST) under the Shyft global money app.
The migration process is being carried out in multiple carefully planned tranches to minimize disruption and ensure stability. The phased migration has already started, with clients investing in shares and exchange-traded funds (ETFs) being contacted about moving to Shyft.
The subsequent phases will cover clients holding or investing in other financial instruments such as Tax-Free Investment Accounts (TFIAs), derivatives, and structured products. Clients with accounts managed by third parties or intermediaries will be migrated at a later stage.
Shyft, an award-winning global money app developed in 2016, is available to both Standard Bank and non-Standard Bank clients residing in South Africa and Botswana. The app offers physical and digital cards, supports global and local investing and trading across various currencies and assets, making it suitable for a comprehensive retail trading experience.
In addition to its existing services, Shyft has recently expanded its services to include investments in the Johannesburg Stock Exchange.
Here's a summary of the impact on instruments and account types:
| Instrument/Account Type | Migration Phase | Notes | |------------------------------------|--------------------------------|-----------------------------------------------| | Shares and Exchange-Traded Funds (ETFs)| Migration started (first phase) | Clients contacted, assets moving to Shyft | | Tax-Free Investment Accounts | Subsequent phases | Clients will be included later | | Derivatives | Subsequent phases | Included in later migration phases | | Structured Products | Subsequent phases | Migrated later | | Third-party/intermediary managed accounts | Later phases | Migration planned for later |
The legacy platforms will remain accessible for some time during the migration, but eventually, all trading will be conducted exclusively through Shyft. Henry Dhliwayo, the Head of the Global Markets Retail Business at Standard Bank Corporate and Investment Banking, emphasized that direct client communication is essential to manage the transition smoothly.
The timeline for each tranche beyond the two-year migration window is not yet detailed, but clients can expect a seamless transition to the Shyft platform.
- The consolidation of Standard Bank's online retail trading platforms, which includes WebTrader, Auto Share Invest (ASI), and Online Share Trading (OST), is taking place in the banking and finance industry, as they are being merged under the Shyft global money app.
- In the future, Shyft, a global money app known for its services in investments and trading across various currencies and assets, will also include investments in the banking and insurance sector, such as derivatives, Tax-Free Investment Accounts (TFIAs), and structured products.
- The migration process of Standard Bank's trading platforms from the legacy systems to Shyft is a significant step in the technology sector, aiming to provide a more unified and comprehensive digital trading experience for clients.
