Volt Bank, the first of a wave of new digital challengers to be granted a full banking licence in Autralia, is putting the finishing touches to its technology stack, contracting with FIS for a raft of mobile, card processing, risk and treasury management software.
The new technology from FIS will be a key part of the bank’s overall technology platform, which is cloud-based and fully digital. The vendor will provide the bank with processing services for its credit card and mobile payments products, as well as implementing technology for risk and compliance management and treasury management.
Co-founded by former NAB and Barclays exec Steve Weston, Volt has 100 staff and it has raised $45 million in equity. The online-and smartphone-only bank is aiming to break even in three years, offering a range of retail banking products and smart savings and account aggregation tools. The firm also intends to compete with Australia's biggest banks in the SME and business banking sector, entering the market sometime in 2020.
Luke Bunbury, deputy CEO at Volt Bank, says: “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.”
Volt is one a clutch of digital banking startups seeking to break the hegemony of Australia's Big Four banks.
86 400, set up by UK neobank veteran Anthony Thomson, former ANZ Japan CEO Robert Bell and one-time Cuscal CIO Brian Parker, was last week granted a full Authorised Deposit-taking Institution (ADI) licence by the Australian Prudential Regulation Authority (Apra), paving the way for a live launch within weeks.