Neobank Volt has gone live in record time, with Temenos digital banking platform in its bid to acquire a full ADI licence.
Volt Bank has gone live with a full suite of Temenos products to enable the bank to accelerate the deployment of banking products and tools to help consumers.
Volt Bank was able to go live quickly thanks to a combination of efficient Temenos software on its cloud platform and the Temenos Australian Model Bank approach which enables pre-configured country-specific functionality.
Using this cloud technology, Volt can exploit modern cloud environments with an API-driven architecture for easy plug-and-play integration, making it ready for the new open banking regulation.
It is the latest in a series of milestones for Volt Bank who was granted the first restricted authorised deposit-taking institution licence in Australia by APRA in May.
Volt Bank’s chief executive Steve Weston said that Temenos was instrumental to Volt’s future success in Australian banking.
“Now we can more quickly achieve our goal of making people better off and change the way Australians bank. We chose Temenos because of their proven expertise in banking systems.
“Now that we are live with Temenos technology, we can focus on innovations to enhance customer experience, and deliver value,” he said.
Temenos’ managing director for APAC Martin Frick said Volt and Temenos shared a similar vision and looked forward to challenging the status quo.
“By combining our Australian Model Bank functionality with the latest cloud technology, we were able to rapidly deploy a next generation banking solution for Volt Bank which will enable the bank to deliver innovative experiences that challenge the status quo.
“We are excited by the momentum we have in the Australian market as we believe we have a unique proposition that offers banks the fastest and lower risk route to frictionless omni-channel digital banking,” Mr Frick said.
Eliot Hastie is a journalist at Momentum Media, writing primarily for its wealth and financial services platforms.
Eliot joined the team in 2018 having previously written on Real Estate Business with Momentum Media as well.
Eliot graduated from the University of Westminster, UK with a Bachelor of Arts (Journalism).
You can email him on: [email protected]