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July 26, 2019updated 01 Aug 2019 5:02pm

Volt Bank chooses FIS to power its payments

By Patrick Brusnahan

Digital challenger Volt Bank has chosen FIS to power is mobile and card payment services.

In addition, financial services tech firm FIS will provide Volt with processing services, risk and compliance management, and also treasury management.

The technology from FIS hopes to be a crucial part of Australia-based Volt’s overall platform. It will provide a highly scalable, cost-effective platform to serve customers.

“We are delighted to be working with Volt Bank and be part of its growth story,” said Raja Gopalakrishnan, Executive Vice President – Banking & Payments, FIS. “As a digital bank, Volt Bank is well positioned to meet growing consumer demand in Australia for innovative payment services.”

Luke Bunbury, deputy CEO at Volt Bank, said: “Our mission from the start has been about building a bank that helps consumers live their lives to the fullest, by making them better off. Technology and technology partners are key to delivering on this. We have been working with FIS for several months to create a sophisticated cloud-based platform that brings innovative, consumer-focused payment products to market quickly, safely and efficiently. FIS has a long record of working with financial institutions across the world to digitise their payment operations, and we look forward to continuing to work with the team to create the kind of bank consumers want.”

Volt Bank is also live on Temenos’ cloud by implementing T24 Core Banking, Financial Crime Mitigation and Analytics.

The vendor said that its cloud platform offered the digital lender pre-configured country-specific functionality. The capability enables the bank to deploy a full online banking system quickly, Temenos said.

Volt Bank received its licence approval in January 2019 by the Australian Prudential Regulation Authority (APRA). This gave it a head start over challenger rivals Xinja and 86 400.

However, 86 400 has secured a banking licence APRA. It granted the digital lender permission to operate as an authorised deposit-taking institution (ADI) in the country.

In a statement, the regulator said that 86 400 was granted the licence under the Banking Act 1959.

The approval from APRA will enable the 86 400 to initially offer savings accounts, transaction accounts and home loans.

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