Thursday, 20 December 2018 10:52

Digital bank goes live on Swiss software provider's cloud

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Digital bank goes live on Swiss software provider's cloud Pixabay

Digital banking outfit Volt Bank has gone live on Swiss banking software provider Temenos' cloud, using the company's T24 core banking, financial crime mitigation and analytics.

A statement from Temenos said its cloud platform offered pre-configured country-specific functionality that enabled Volt Bank to go live with a full online banking system.

Volt Bank was granted a restricted authorised deposit-taking institution licence by the Australian Prudential Regulation Authority in May.

The Temenos statement said Volt Bank used an API-driven architecture for easy plug and play integration and would be able to take advantage of the new open banking regulation which would take effect in 2019.

Volt Bank chief executive Steve Weston said: “Temenos is not just a vendor, but also a trusted and supportive partner. They have worked with us through every requirement as well as providing the testing and support required to create a solid foundation for the future.

"By tapping into Temenos’ Australian Model Bank and Temenos Cloud, we were able to quickly deploy a cutting-edge, feature-rich digital banking solution. Now we can more quickly achieve our goal of making people better off and change the way Australians bank.

"We chose Temenos because of their proven expertise in banking systems. Now that we are live with Temenos technology, we can focus on innovations to enhance customer experience, and deliver value.”

Temenos APAC managing director Martin Frick said: “I am delighted that we have been able to go live and realise value with Volt Bank so quickly. We share a common vision to simplify the complexity of banking and create seamless digital customer experiences.

"By combining our Australian Model Bank functionality with the latest cloud technology, we were able to rapidly deploy a next generation banking solution for Volt Bank which will enable the bank to deliver innovative experiences that challenge the status quo.

"We are excited by the momentum we have in the Australian market as we believe we have a unique proposition that offers banks the fastest and lower risk route to frictionless omni-channel digital banking.”

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Sam Varghese

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Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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