Australian neobank Volt teams up with TCS for digital payments platform

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Neobank Volt teams up with TCS | iTMunch

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.

SEE ALSO: ANZ Bank prepares itself for a new banking platform pilot

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.

SEE ALSO: AsiaPay partners with Australia-based payments technology provider Fat Zebra

 

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Riddhi Jain is a technology content writer. She is based in India and has been working as a content writer since 2018. Riddhi has been writing content in the tech domain since May 2020 and can’t get enough of it. Riddhi has pursued most of her education from her hometown, Indore. She has graduated as a Bachelor of Business Administration and discovered her love for writing blogs while pursuing an internship during college. Once she discovered her love for writing, she went on to improve this skill set (and hasn’t stopped since). Riddhi’s writing relationship with iTMunch began in May 2020. This is where she developed a knack for writing content for the technology domain. She's an expert in tech content writing who has written over 700 blogs for iTMunch in just a year. Riddhi loves diving deep into tech sub-domains like financial technology, marketing technology, HR technology, Artificial Intelligence and gaming technology. She loves staying updated with the latest and upcoming trends in digital marketing, digital payments, fintech, gaming, web design and app development. She cherishes writing about futuristic technologies like blockchain and cryptocurrency, NFTs, Internet of Things, Facial Recognition, Machine Learning, Edge Computing, etc. Riddhi also likes to keep an eye on what’s going on with the tech titans like Google, Facebook and Apple. One of her major interests is in staying updated with the latest IT startups and the groundbreaking technologies they’re coming up with. When Riddhi is not writing content, she is binging on documentaries on Netflix (check out ‘The Great Hack’, ‘Seaspiracy’, and ‘What the Health’). She also likes reading books once in a while (Yuval Noah Harari and Michelle Magorian are some of her favorite authors). Riddhi also likes listening to podcasts like The Tim Ferriss Show (do listen to the ones with guest Naval Ravikant) and The Joe Rogan Experience.