Volt Bank is becoming Australia’s first neobank to be authorized as a data receiver under the consumer data rights (CDR) framework. After getting final approval from the Australian Competition and Consumer Commission, neobank joined the expanding list of authorized data receivers (ADRs) (ACCC).
Volt joins large companies like Westpac, recognized in early October of this year, NAB, and CBA.
Volt is also the sixth Australian bank to be granted ADR status, joining Regional Australia Bank and Beyond Bank.
Volt can now act on behalf of a customer to acquire relevant information from a data holder to deliver a customized product or service. Tony Ohlsen, Volt’s chief data officer, welcomed the certification, telling iTnews that the bank “will offer two fresh use cases to open banking.” “The first promotes responsible lending by making it simple for clients to digitally share all of their banking information, allowing us to assess loan affordability promptly and correctly,” Ohlsen explained. The second will provide amazing features to our clients’ budgeting and planning with our partner, Frollo, via the Volt and Volt partner app.
“Because of our unique banking-as-a-service (BaaS) platform, Volt and its collaborators will be able to be using open banking, so we will not only help fintechs and nonbanks get access to banking services, but they will also be able to view e – banking through Volt, making it easier for more players to benefit from it.”
Railspay is one of Volt and its collaborations, having signed on earlier this year to assist the firm in extending its Asia Pacific footprint by offering bank accounts, cards, and financing options to Australian consumers via Volt’s banking-as-a-services platform and infrastructure. Railspay is now preparing to deploy Parpera, a microbusiness banking app, on Volt’s BaaS service.
