Australian bank Volt is using a software-as-a-service package from Temenos to help move its branchless digital banking platform to the cloud.

Last month, Volt was granted a restricted authorised deposit-taking institution (Radi) license by the Australian Prudential Regulation Authority.

The new license will enable the bank to term deposits, foreign exchange and offer savings and transaction accounts before moving towards credit cards, loans and mortgages as it progresses to a full licence.

Australia’s first digital bank

Steve Weston, CEO at Volt, commented to Finextra: “As the first digital bank in Australia, we are using technology to challenge the way banking is done. Temenos’ Cloud will allow us to launch quickly and at the same time meet Australian regulations.

“Incumbent banks in Australia have grown complacent and benefited from the inertia that comes from the difficulty of changing banks. With Temenos software, we can adapt to the customers’ changing needs, reduce costs and innovate faster.”

Weston also noted that the digital bank will be a trailblazer in a new era of banking and every experience will be mobile-led, personalised and customer focused.

Written by Leah Alger