Australian digital bank volt bank has entered into a long-term deal to utilise fintech payments services provider Verrency’s platform to provide various value-added services to its customers.

The collaboration will enable the bank to offer the services swiftly in a cost-effective way.

It will also enable volt bank’s Australian customers to connect with various service providers without carrying out major changes in existing payments and technology infrastructure.

Verrency founder and CEO David Link said: “The Verrency relationship will enable volt bank to outpace traditional banks in their delivery of new customer-centric banking services.”

Last month, the Australian Prudential Regulation Authority (APRA) issued a restricted authorised deposit-taking institution (RADI) licence to volt bank in a bid to increase competition in lending sector.

Founded by Steve Weston and Luke Bunbury, volt bank is the first retail bank to secure banking licence since early 2000.

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Currently, the bank is permitted to offer savings and transaction accounts, term deposits and foreign exchange services to the customers.

Volt CEO Steve Weston said: “As the first digital bank in Australia, we are using technology to improve the way consumers experience banking.

“Verrency’s incredibly adaptable payments platform enables us to securely deliver innovation at a pace well beyond that of traditional banks – significantly enhancing our own capabilities, as well as that of our other banking and payments technology partners.”