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The Australian consumer bank has agreed to partner with Indian IT giant Tata Consultancy Services to build and operate its soon-to-be-launched Banking as a Service (BaaS) platform.
Founded in 2017, Volt is the first Australian neobank to receive a full banking license, although the banking challenger has more than once delayed its own public launch. Almost two years after announcing its big plans, the company is still in the development and testing phase.
According to founder and CEO Steve Weston, “We are happy with the customer sign-up process and the feedback so far has been positive,” adding that the neobank will initially focus on the home loan segment and intends to launch next year.
Central to Volt’s digital banking infrastructure is a “next-generation payment technology backbone” called Volt 2.0, brought to life in partnership with Tata Consultancy Services (TCS). The platform will allow Volta to expand the bank’s traditional banking offerings with payment offerings (such as NPP, BPAY and DE), which will allow it to expand the portfolio for its customers.
“Operating in a highly regulated industry and aiming to be a market leader, Volt’s platform technology positions Volt at the forefront of Australian banking and is well positioned for future growth,” Weston said.
Commenting on the decision to partner with TCS, Weston said: “We are delighted to partner with exceptional global technology players like TCS, whose commitment to continued innovation will ensure the Volt banking platform remains cutting edge.”
Vikram Singh, Head of TCS Australia and New Zealand, said: “TCS is excited to work with Volt to launch its next generation payment platform for digital banking, Volt 2.0. Our deep knowledge and experience in payment technologies will enable us to support Volt with a comprehensive solution using TCS BaNCS.”
TCS BaNCS is a cloud-based solution that provides full back-end support, flexibility to integrate leading technologies and connect with the fintech and application ecosystem to launch new products and services. “TCS BaNCS offers multi-entity, multi-currency and multi-country capabilities that span the entire value chain to Australian banks of all sizes. The application architecture ensures anytime, anywhere digital access, scalability, resilience, high performance and compliance,” Singh said.
In related news, earlier this year mobile bank Hay partnered with convedo and Appian to develop a customer service platform.
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