Australia's purely digital bank Volt inks deal with fintech platform for payments

Customers will be able to connect with multiple service providers without changing existing payments and tech infrastructure.

Australia’s first purely digital bank Volt has inked a deal with fintech Verrency to roll out a cloud-based payments platform, reports Business Insider.

Also read: Australian banks face heated competition as first digital-only player enters fray

Verrency, a white-label payments-as-a-service-open API platform, will enable the bank’s customers to connect with multiple service providers without changing existing payments and tech infrastructure.

“As the first digital bank in Australia, we are using technology to improve the way consumers experience banking. Verrency’s incredibly adaptable payments platform enables us to securely deliver innovation at a pace well beyond that of traditional banks – significantly enhancing our own capabilities, as well as that of our other banking and payments technology partners,” Volt CEO Steve Weston told BI. 

“The Verrency relationship will enable volt bank to outpace traditional banks in their delivery of new customer-centric banking services,” added David Link, Founder and CEO, Verrency.

The Australian Prudential Regulation Authority earlier approved a restricted banking licence to Volt Bank Limited. Unlike conventional banks, however, Volt can only accumulate total deposits of AU$2m and aggregate balance must not exceed A$250,000. Total assets is also limited to AU$100m.

“Nevertheless, the granting of a banking licence, under the regulator's Restricted Authorised Deposit-taking Institution framework, marks the first steps towards enhanced competition to traditional banks from newer, technologically driven entrants,” credit rating agency Moody’s said in an earlier report.