Tally. More than Money.

London, 27 Jan 2020: Tally delivers the UK’s first banking app to offer everyday banking accounts (with individual sort codes and account numbers) for non-government money, delivering seamless, instant depositing, spending and sending of asset-based money, at home and abroad. Unlike a traditional bank account, Tally gives consumers full ownership and control of their money as Tally is physical gold held outside the banking system, whilst seamlessly working with it. And the value of Tally being the gold price means customers savings are protected from inflation and bank risk, as well as political and economic uncertainty. And Tally is a full-reserve banking system so customer deposits are not lent out - their money stays put.

One Tally is one milligram of physical gold held in a globally accredited secure vault in Switzerland. When customers make a deposit from their traditional bank account, their GBP or Euros instantly convert into Tally at the global gold spot price. Customers’ money is accessed through their individual Tally banking account and their contactless Tally debit Mastercard®. Customers can spend Tally anywhere in the world that accepts Mastercard, with no FX fees, margins or mark-ups added; and free ATM withdrawals. There are no transaction costs. Tally uses a single monthly subscription fee of 0.1% of the average monthly balance which covers storage, insurance and account operating costs.

What makes Tally groundbreaking, is that it offers individual everyday banking accounts using monetised gold. Customers have an individual banking account with a debit card (not a pre-paid top-up card where their savings are held in a pooled customer account). Important to note, Tally is not a cryptocurrency.

Tally offers consumers, for the first time, an easy to understand money and easy-to-use alternative to the local government-issued fiat currency, for saving, travelling and everyday banking.

Next-generation app released

The beta Tally app (launched in June 2019) saw Tally first to market with its proof of concept app and gain learnings around early customer behaviour. Concurrent to this app being live, Tally has been building and developing its next-generation app that will allow the Company to scale and incorporate new functionality and ongoing development. The entire user experience has been redesigned, resulting in many refinements, including Face and Touch ID integration, journey simplifications, and a completely new user interface.

Tally app 2.0 is connected to the UK Faster Payments network, so money is directly transferred to and from Tally accounts and UK GBP accounts in real time. Customers can now set how much Tally to transfer to someone, in either GBP or EUR (at the gold spot price in each currency) as well as peer-to-peer in Tally. Card payment details have improved, with map locations and addresses, along with improved transaction records, including individual payee history. You can also add a profile photo, and see other Tally users profile image on transactions.

Now the platform has established its scalable foundation, more functionality will quickly follow with savings ‘safes’, statements and the opportunity to ‘gift gold’ all in the product roadmap.

Cameron Parry, Co-founder and CEO of Tally, said: “We wanted to deliver an accountable asset-based money for the mainstream public to use with confidence as an alternative to debt-based government-issued fiat currency. Tally is money designed to hold its value over time rather than being devalued by inflation, and to be protected from bank lending and systemic risk. It also had to be easy to use for everyday banking.

“The solution needed to be a standalone full-reserve monetary system using monetised gold, where the customer’s asset is kept outside of the banking system while seamlessly and instantly operating with it. And as it’s full-reserve banking, customer’s deposits are not lent out, moved or invested. Full access and control stays with the customer.

“Following our initial app release going live to market in June 2019, today marks an important next chapter in the potential for wider adoption of Tally with the launch of our app 2.0. We encourage all UK residents to consider the characteristics of the money they use and try Tally for its benefits in saving, travelling, and using in everyday banking.”

The cost to use Tally is simple: a single monthly charge of 0.1% of the average monthly holding, which covers storage, security, insurance and operational costs. This reduces to 0.05% for holdings over half a million Tally (circa £19K).

Tally is available for download on the App Store and Google Play Store - and App 2.0 is available for download from 27 Jan 2020. For more information on Tally go to www.tallymoney.com.