Australian digital bank volt bank has selected Swiss fintech company Temenos’ T24 Core Banking and Analytics platform to build its branchless digital banking platform in the cloud.
volt bank CEO Steve Weston said: “As the first digital bank in Australia, we are using technology to challenge the way banking is done. Temenos’ Cloud will allow us to launch quickly and at the same time meet Australian regulations.
“Incumbent banks in Australia have grown complacent and benefited from the inertia that comes from the difficulty of changing banks.
“With Temenos software, we can adapt to the customers’ changing needs, reduce costs and innovate faster. Our digital bank will be a trailblazer in a new era of banking and every experience we offer will be mobile-led, personalised and customer focused.”
Volt, co-founded by former NAB and Barclays executive Steve Weston, secured a restricted authorised deposit-taking institution (Radi) licence from the Australian Prudential Regulation Authority recently.
At the outset, volt will offer savings and transaction accounts, term deposits and foreign exchange, before moving into personal loans, mortgages and credit cards as it transitions to a full license.
So far, the bank has raised $15.7m in equity to support its research and platform testing works. It has a workforce of 35 employees.