Volt has partnered with technology company FIS to power its mobile and card payment services as it moves to offer services to consumers.
Volt Bank was the first neobank to be granted a full ADI earlier this year and has now formed the partnership with FIS to process services for its credit card and mobile payments products.
FIS will also provide solutions for risk and compliance management as well as treasury management.
Executive vice-president banking and payments for FIS Raja Gopalakrishnan said the company was delighted to be a part of Volt’s growth story.
“As a digital bank, Volt Bank is well positioned to meet growing consumer demand in Australia for innovative payment services,” he said.
The new technology from FIS will play a key part of the bank’s overall technology platform according to deputy chief executive at Volt Bank Luke Bunbury.
“We have been working with FIS for several months to create a sophisticated cloud-based platform that brings innovative, consumer-focused payment products to market quickly, safely and efficiently,” he said.
Mr Bunbury said Volt was a fully digital bank and FIS would help it create a highly scalable, cost-effective platform for its customers.
“FIS has a long record of working with financial institutions across the world to digitise their payment operations, and we look forward to continuing to work with the team to create the kind of bank consumers want.”