Australia’s first digital-only bank volt bank has signed a deal to use payment services provider Verrency’s platforms and services.
According to a statement, the “multi-year agreement” will see the digital bank make use of Verrency’s cloud-based platforms and services marketplace.
Verrency provides white-label open-API platform services that assist banks with acquiring new customers, raising security and control, and ensuring connection to third-party fintech service providers with minimal integration, the statement said.
Verrency founder and chief executive David Link said the platform would help volt bank deliver services and connect service providers to Australian consumers “without requiring significant change in their existing payments and technology infrastructure”.
“The Verrency relationship will enable volt bank to outpace traditional banks in their delivery of new customer-centric banking services.”
Steve Weston, volt bank’s chief executive, said technology was being harnessed by the first Australian digital-only bank to improve customers’ banking experience.
“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.”
APRA granted volt bank the country’s first restricted ADI licence in mid-May this year.
While they transition to a full licence, volt bank will initially offer customers savings and transaction accounts, term deposits and foreign exchange, and then personal loans, mortgages and credit cards when granted permission.