Sydney-headquartered consumer neobank Volt has agreed to partner with Indian infrastructure technology giant TCS to develop and run its Banking-as-a-Service platform. Focused on the digital banking infrastructure of Volt is a next-gen payments technology backbone, it is called Volt 2.0 and is brought to life in collaboration with Tata Consultancy Services (TCS).
This platform will allow neobank Volt to expand its traditional banking offerings to include digital payments offerings (such as NPP, BPAY and DE), unleashing an expanded portfolio for its customers.
Voltbank & TCS on partnering with each other
On partnering with TCS, Founder and CEO of Volt said they’re extremely delighted to partner with an exceptional global technology partner like TCS. Their commitment towards innovation will ensure that the banking platform of Volt remains cutting-edge, Weston adds.
Australia and New Zealand Country Head of TCS, Vikram Singh said that the company is thrilled to be working with neobank Volt to launch Volt 2.0, Volt’s next-gen payments digital banking platform. Deep knowledge and wealth of experience of TCS with payments technology will help in supporting Volt with an end-to-end, full service solution leveraging TCS BaNCS, says Singh.
TCS BaNCS the consultancy firm’s cloud-based solution that offers complete back-end support, connects with an ecosystem of financial technology apps to bolt-on new products and services and provides the flexibility to integrate leading technologies. Singh adds that TCS BaNCS provides multi-entity, country and currency capabilities that covers the complete value chain to Australian banks of all sizes. The application architecture ensures digital access from anywhere and at any time along with scalability, high performance, compliance and resilience, he adds.
About Volt – an Aussie neobank
Founded in the year 2017, Volt is the first neobank in Australia to receive a complete banking license. The neobank has, however, delayed its own initial public offering launch more than once. Almost 2 years on since announcing its plans to go public, the bank says it is still in the development and testing phase.
According to CEO Steve Weston says the bank is pleased with their customers’ onboarding process and feedback till date has been positive. He added that the neobank will first focus on the home lending segment and aims to launch next year.