A Closer Look At Tally: A New Type of Bank Account?

https://thefintechtimes.com/a-closer-look-at-tally-a-new-type-of-bank-account/
//?#

An innovative banking platform and currency anchored to physical gold, Tally is designed to protect customers, not banks, and is a potential new solution for financially savvy savers.

Tally is a new type of account and currency underpinned by the value of gold – so an asset-based currency. It has been developed in response to a financial climate under major threat from economic instability and inflation and where banks are paying near-zero interest to savers using traditional savings accounts.

Tally, an alternative to mainstream currency, ties physical gold, not sterling, to a bank account. Each unit of Tally is a weight of gold (1 tally = 1 milligram) used via the Tally banking app and Tally debit Mastercard® to deposit, transfer, save, send and spend.

As the pound and other government-issued currencies (also called fiat currencies) lose value, Tally maintains its purchasing power over time, thereby increasing in value relative to pounds. 1 tally equals just over 4 pence at the current gold price.

It works just like any normal bank account so you can transfer money into your account, pay through the app, or use the Tally debit Mastercard at an ATM to withdraw cash.

But because Tally is not underpinned by any Government-issued currency, such as sterling, it’s being hailed as a much safer form of banking, which provides long term protection for customers’ savings by sheltering them from inflation and falling interest rates as the country’s debt balloons.

Cameron Parry, Co-Founder and CEO of Tally, said: “Tally offers an account that protects the value of customer money by holding it securely outside the mainstream banking system. This guards customer savings against not only the devaluing effect of inflation but also safeguards their money against the consequences of the ever-expanding levels of national debt.

“People should be able to rely on the money in their bank account to hold its value over time and remain in their control. This is fundamental to individual financial wellbeing and promotes saving and productivity in society.

“To do that, we needed to build an independent asset-based full-reserve banking system that works complementary to the system we’ve all been stuck with for the last 50 years.

“Tally is leading the evolution of money accessed via bank accounts, with money designed by savers for savers. It’s a robust and reliable global currency with no hidden fees, and easy to understand how the money holds its value.”

The financial climate in the UK is highly uncertain at the moment. Last week, the Bank of England’s chief economist made a stark warning about inflation, saying ‘levels could be ‘nearer 4% than 3%’ by the end of the year.

And some economists believe that rock bottom interest rates and unprecedented levels of money-printing –quantitative easing (QE) – could cause the economy to overheat and push prices even higher as Britain rebuilds post-pandemic.

As with any currency, Tally does fluctuate day to day, but as gold historically holds its purchasing power, so does Tally. Over the past two decades, gold has increased in value by over 600% when measured in Pounds, or put another way, the Pound has devalued by 87% since January 2000.

The allocated physical gold used as Tally is ethically sourced LBMA-approved physical gold, held in an accredited secure vault at Brinks in Switzerland, and is 100% insured. And the Tally issued and the physical gold it represents is independently reconciled daily by UK audit firm PKF Littlejohn.

Tally’s beta version was released in the UK in mid-2019. The team behind the concept have since evolved and developed the banking architecture and monetary system and are now fast building a loyal customer base.

https://thefintechtimes.com/a-closer-look-at-tally-a-new-type-of-bank-account/