Cuscal yesterday confirmed that it has sought regulatory approval to launch a new standalone digital bank that will trade under the brand of "86 400".Banking Day first revealed details about the 86 400 last month when it reported that Cuscal had pumped A$6 million into developing the business that will be chaired by UK digital banking pioneer, Anthony Thomson.Thomson is the founder of Atom Bank, which has been operating as a smartphone app-based bank since 2015 when it acquired banking status from UK regulators.It now manages more than £1 billion of deposits on behalf of retail depositors.The 86 400 will provide a digital banking offer akin to the Atom platform that is focused on servicing customers through a mobile app.Thomson's involvement is a public relations coup for Cuscal, which is pitching the startup as the "first real alternative" to the four major banks."For too long, banks have put profits before their customers - that's become the great malaise of the industry," Thomson said."We firmly believe that profit is a by-product of doing something great for the customer."While that claim to being the first real alternative to the majors will probably upset some of the customer-owned institutions that use Cuscal as a shared services provider, the reality is that 86 400 joins a growing band of local startups aiming to win customers from the four major banks.Other technology-focused banks such as volt bank and Xinja have also applied for full banking licences from the Australian Prudential Regulation Authority. And ASX-listed financial services technology and micro-payments specialist Novatti has confirmed that it's planning to apply for a banking licence next month.Cuscal managing director Craig Kennedy confirmed that his company was the only investor in 86 400, but he indicated that external investors would be invited to stump up capital in the future."86 400 has been set up and funded by Cuscal, as a separate entity, with a separate board, and completely separate team," he said."We've backed 86 400 because nobody in Australia is leveraging all of the capabilities available to maximise the banking experience on your mobile."The startup is the brainchild of Brian Parker, Cuscal's former head of emerging business, who began developing the business case about 18 months ago.Parker will leave his group role at Cuscal to become the startup's chief information officer.CUSCAL yesterday formally launched 86400 Pty Ltd at a media event in Sydney at which the company's management line-up was unveiled.An impressive executive team with deep experience across different parts of the local banking sector has been assembled to bring the banking aspirant to market sometime next year.The chief executive is former ANZ and Australian Unity executive Robert Bell who more recently worked as Cuscal's head of products and service.Former AMP Bank and CBA executive Guy Harding is the company's chief risk officer, while Matthew Chan - another veteran of ANZ and Australian Unity - joins as chief operating officer.Two former Westpac executives - Caroline Milner and Travis Tyler -also hold key roles in the senior management team.