Powered by MOMENTUM MEDIA
subscribe to our newsletter

Volt to develop BaaS digital platform

The neobank has partnered with Microsoft to develop a banking as a service platform, due to be released in 2021.

Volt has announced that it will develop Volt 2.0, a digital platform that allows its approved business partners to natively provide full-service banking payments to their own clients. 

Volt 2.0 will allow white-label banking where retailers can offer financial services to customers directly or via their existing loyalty programs.

It will reportedly act as an extension of pre-existing Volt partnerships with other brands.

Volt said Volt 2.0 will be able to be leveraged by incumbent banks as a platform to help them fast-track the utilisation of future banking services for their customers, and “overcome the limitations of legacy banking systems”.

Advertisement
Advertisement

The neobank said it will work with Microsoft and LAB3 engineers (both in Australia and overseas) to develop a banking-as-a-service (BaaS) platform with data storage and analytics capability based on cloud computing service Microsoft Azure. 

Commenting on the development of the BaaS platform, Volt CEO and founder Steve Weston said: “Volt 2.0 will need to have the capability to adapt to the changing market and the evolving needs of our customers and partners, as well as the evolving technologies available in the market.

“Operating in such a highly regulated industry and with the goal of becoming a sector leader means we need to partner with the best technology companies globally. From the perspective of scaling our platform, Microsoft ticks all the boxes.”

Microsoft Australia managing director Steven Worrall added that Microsoft Azure can support machine learning and real-time notifications to perform instant card transactions.

“Volt 2.0 has the potential to radically reshape financial services in Australia and globally,” Mr Worrall said.

PROMOTED CONTENT


“Microsoft Azure has been designed with resilience, scalability, security and trust front and centre, making it the natural platform for this sort of mission-critical and transformative application.”

Volt 2.0 will share the same Azure digital foundation as Volt’s existing retail banking system, which uses the Temenos T24 banking solution hosted in Azure.

LAB3 CEO Chris Cook said: “Our automated modular assets and advanced DevOp’s capabilities will enable Volt 2.0 to be delivered at speed in a secure and scalable manner.”

Volt remains in beta status with its waitlist clients, with a public launch pending in the coming months.

The partnership with Microsoft Azure would allow Volt to expand internationally in the future, the neobank has suggested.

[Related: Volt Bank adopts IBM fraud protection solution]

Volt to develop BaaS digital platform
Volt to develop BaaS digital platform
mortgagebusiness

Are you a new-to-industry broker in the process of growing your business? Then there’s some great news: The Adviser’s New Broker Academy is back in 2021 and will provide you with essential insights into cutting-edge tools, strategies and processes to fast-track to success. Don’t miss your chance to attend. To secure your FREE place, visit newbroker.com.au now!

Malavika Santhebennur

Malavika Santhebennur is the features editor on the mortgages titles at Momentum Media.

Before joining the team in 2019, Malavika held roles with Money Management and Benchmark Media. She has been writing about financial services for the past six years.

Latest News

The chief of Australia’s largest bank has said lenders should act pre-emptively and shift their floor rates for mortgage serviceability am...

Total household wealth reached a high of $13.4 trillion in the June quarter, primarily due to rising property prices, according to the Aust...

The property exchange settlement platform has been granted approval to establish an Electronic Lodgement Network in the ACT.  ...

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

How long do you think it should take to discharge a mortgage?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.