DUBLIN, Ireland at the Temenos Community Forum (TCF) – May 22, 2018 – Temenos (SIX: TEMN), the banking software company, today announced that volt bank has signed for Temenos T24 Core Banking and Analytics. volt bank is an independent, 100% digital bank, focused on using technology to create a better and simpler way for consumers to look after their money. The agility, scalability and security of using Temenos software as a service offering running on the Temenos Cloud will enable the bank to launch quickly and meet the Australian regulations while at the same time offering their clients a feature rich digital experience. Temenos was the first banking software provider to launch a Cloud offering running on Microsoft Azure. Since 2011, Temenos software products have been available as a managed service on the Temenos Cloud
The Australian Prudential Regulation Authority (APRA) has granted a restricted authorised deposit-taking institution (RADI) licence to volt bank limited, paving the way for greater competition in Australia’s banking sector. volt bank is the first bank to have been granted a RADI licence and the first new retail-focused bank licensed since the early 2000. volt will initially offer savings and transaction accounts, term deposits and foreign exchange, before moving into personal loans, mortgages and credit cards as it transitions to a full license.
The bank will leverage Temenos’ global expertise and 25 years of experience in providing proven, packaged, upgradeable software. Temenos technology will provide a customer-centric approach, allowing the bank to put customers in control of their finances. Temenos model bank approach will enable the bank to meet the needs of the local market and Australian regulations. Through market-leading embedded data analytics, volt bank aims to provide its customers a clearer picture of their financial position and help them be better informed so they can reach their financial goals.
Steve Weston, CEO, volt bank, commented:
“As the first digital bank in Australia, we are using technology to challenge the way banking is done. Temenos’ Cloud will allow us to launch quickly and at the same time meet Australian regulations. Incumbent banks in Australia have grown complacent and benefited from the inertia that comes from the difficulty of changing banks. With Temenos software, we can adapt to the customers’ changing needs, reduce costs and innovate faster. Our digital bank will be a trailblazer in a new era of banking and every experience we offer will be mobile-led, personalized and customer focused.”
Martin Frick, Managing Director – Asia-Pacific, Temenos, said:
“We are excited to be partnering with volt, the first neo bank in Australia. volt has seen a gap where consumer expectations are not being met – much like Netflix and Amazon were built on the internet, so will volt bank be – a next generation bank that challenges the status quo while looking to meet the evolving needs of its clients. Temenos technology will allow volt to start with a modern, future-ready system that will scale with the bank and help deliver its growth ambitions. This win demonstrates the momentum we are gaining in the Australian market. We have a strong presence and local expertise, and we are best placed to help banks in the region realize their digital vision.”