Neobank Volt partners with TCS for digital payments platform

29 December 2020 Consultancy.com.au

Australian consumer bank has agreed a partnership with Indian IT giant Tata Consultancy Services to build and run its soon to be launched Banking as a Service (BaaS) platform.

Established in 2017, Volt is Australia’s first neobank to receive a full banking licence, although the bank challenger has more than once delayed its own public launch. Almost two years on since announcing its big plans, the company is still in the development and testing phase.

According to founder and chief executive officer Steve Weston, “We are pleased with our customer onboarding process and feedback to date has been positive,” adding that the neobank will initially focus on the home lending segment and is aiming to launch next year.

Neobank Volt partners with TCS for digital payments platform

Central to Volt’s digital banking infrastructure is a “next-generation payments technology backbone” called Volt 2.0, which is bring brought to life in collaboration with Tata Consultancy Services (TCS). The platform will enable Volt to expand the bank’s traditional banking offerings to include payments offerings (such as NPP, BPAY and DE), enabling an expanded portfolio for its customers.

“Operating in a highly regulated industry and the goal of becoming a market leader, Volt’s platform technology places Volt at the forefront of Australian banks and positions us well for growth into the future,” said Weston.

Commenting on the decision to partner with TCS, Weston said: “We’re delighted to partner exceptional global technology players like TCS whose commitment to continuing innovation will ensure Volt’s banking platform remains cutting-edge.”

Vikram Singh, Country Head of TCS in Australia and New Zealand said: “TCS is thrilled to be working with Volt to launch its next-generation payments digital banking platform Volt 2.0. Our deep knowledge and experience with payments technology will enable us to support Volt with a full-service, end-to-end solution leveraging TCS BaNCS.” 

TCS BaNCS is a cloud-based solution that provides full back-end support, the flexibility to integrate leading technologies, and connect with an ecosystem of fintechs and apps to bolt-on new products and services. “TCS BaNCS offers multi-entity, currency, and country capabilities covering the complete value chain to Australian banks of all sizes. The application architecture ensures anytime, anywhere digital access, scalability, resilience, high performance, and compliance,” said Singh. 

In related news, earlier this year mobile bank Hay worked with convedo and Appian for the development of a customer service platform.