Digital bank Volt and ASX-listed mortgage broking group AFG are kicking off their foray into the burgeoning “banking as a service” sector, as interest in the space swells globally and retailers such as Walmart and Ikea wade in.
Volt Bank has become the first Australian neobank to become accredited as a data recipient under the consumer data right (CDR) scheme.
The formation of Parpera, a money-management app for microbusinesses that will also hold deposits, shows you can operate just like a bank in Australia without actually becoming a bank with RailsPay and Volt Bank.
Australian neo-bank Volt said on Monday it had partnered with BTC Markets (BTCM) to provide integrated banking capabilities to the crypto-currency exchange, a first-of-its-kind deal in the country.
Neobank Volt will provide banking services to customers of crypto exchange BTC Markets in a new ‘world-first’ partnership.
Neobank Volt has partnered with cryptocurrency exchange BTC Markets to offer its banking services to crypto investors, as the wider crypto industry grapples with neglect from traditional institutions and a lagging regulatory system.
Volt Bank was Australia’s first neobank to gain a RADI and has been rapidly growing ahead of its digital mortgage solution launch, distributed through brokers. Founder and CEO Steve Weston reveals more in this exclusive podcast.
The challenger bank is poised to roll out its banking-as-a-service strategy. Chairman Graham Bradley says it can capture $30 billion of mortgages.
Neobank Volt has acquired alternative lender Australian Mortgage, in a bid to bring tech into an antiquated industry, and improve efficiency for brokers and borrowers alike. It means the bank will be able to offer a mortgage product for the first time — one it says will allow for fully verified approval times of 15 minutes or less.
Digital bank Volt wants to tackle the issue of slow mortgage turnaround times for borrowers and introduce risk-based interest rate pricing, as part of a deal to acquire Australian Mortgage.