Australian digital neobank, Volt Bank, goes live in record time with Temenos digital banking platform
Temenos (SIX: TEMN), the banking software company, today announced that Volt Bank has successfully gone live with Temenos T24 Core Banking, Financial Crime Mitigation and Analytics on Temenos Cloud.
This will enable Volt Bank to accelerate the deployment of a full range of innovative feature-rich consumer and business banking products and tools that create a better and simpler way for consumers to look after their money. The agility, scalability and security of the Temenos software running on the Temenos Cloud combined with the Temenos Australian Model Bank approach provided pre-configured country-specific functionality that enabled Volt Bank to rapidly go live with a full online banking system.
Using the latest cloud technologies from Temenos and Microsoft Azure, Volt Bank is now able to accelerate the way banking software is built and run to exploit the advantages of modern cloud environments. With an API-driven architecture for easy plug and play integration, Volt Bank is ready to take advantage of the new open banking regulation coming to Australia in 2019.
In May 2018, the Australian Prudential Regulation Authority (APRA) granted Volt Bank the first restricted authorized deposit-taking institution (RADI) licence in Australia. Since then, Temenos worked closely with Volt Bank to help it meet its obligations under Australian regulations. Leveraging Temenos’ global expertise and 25 years of experience in providing integrated, scalable packaged software, Volt Bank successfully met all milestones of the project and continues to progress towards obtaining an authorized deposit-taking institution (ADI) banking licence.
Steve Weston, CEO at Volt Bank, said: “Temenos is not just a vendor, but also a trusted and supportive partner. They have worked with us through every requirement as well as providing the testing and support required to create a solid foundation for the future. By tapping into Temenos’ Australian Model Bank and Temenos Cloud, we were able to quickly deploy a cutting-edge, feature-rich digital banking solution. Now we can more quickly achieve our goal of making people better off and change the way Australians bank. We chose Temenos because of their proven expertise in banking systems. Now that we are live with Temenos technology, we can focus on innovations to enhance customer experience, and deliver value.”
Martin Frick, Managing Director for APAC at Temenos, said: “I am delighted that we have been able to go live and realise value with Volt Bank so quickly. We share a common vision to simplify the complexity of banking and create seamless digital customer experiences. By combining our Australian Model Bank functionality with the latest cloud technology, we were able to rapidly deploy a next generation banking solution for Volt Bank which will enable the bank to deliver innovative experiences that challenge the status quo. We are excited by the momentum we have in the Australian market as we believe we have a unique proposition that offers banks the fastest and lower risk route to frictionless omni-channel digital banking.”
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