Australian consumer bank Neobank Volt has collaborated with Indian IT major Tata Consultancy Services to build and run its upcoming Banking as a Service (BaaS) platform.
Set-up in 2017, Volt is Australia’s first neobank to have acquired a full banking licence.
Steve Weston, founder and chief executive officer, Volt Bank said,“We are pleased with our customer onboarding process and feedback to date has been positive,” adding that the neobank will initially focus on the home lending segment and is aiming to launch next year.
“Operating in a highly regulated industry and the goal of becoming a market leader, Volt’s platform technology places Volt at the forefront of Australian banks and positions us well for growth into the future,” said Weston.
Sharing his views on partnership with TCS, Weston said: “We’re delighted to partner exceptional global technology players like TCS whose commitment to continuing innovation will ensure Volt’s banking platform remains cutting-edge.”
Vikram Singh, Country Head of TCS in Australia and New Zealand said: “TCS is thrilled to be working with Volt to launch its next-generation payments digital banking platform Volt 2.0. Our deep knowledge and experience with payments technology will enable us to support Volt with a full-service, end-to-end solution leveraging TCS BaNCS.”
TCS BaNCS is a cloud-based solution that offers full back-end support, the flexibility to integrate leading technologies, and connect with an ecosystem of fintechs and apps to bolt-on new products and services. “TCS BaNCS offers multi-entity, currency, and country capabilities covering the complete value chain to Australian banks of all sizes. The application architecture ensures anytime, anywhere digital access, scalability, resilience, high performance, and compliance,” said Singh.