Verrency signs long-term innovation services deal with volt bank

Australian global payments innovation provider Verrency has signed a significant long-term deal with volt bank, Australia’s first independent 100% digital bank.

The multi-year agreement enables volt bank to leverage Verrency’s cloud-based payments innovation platform and services marketplace to enable cost-effective delivery of a multitude of value-added services to its customers.

The agreement comes on the back of Verrency being named FinTech Australia’s winner of the 2018 Excellence in Establishing a Global Market Presence.

David Link, Founder and CEO, Verrency, said: “Verrency will enable volt bank to rapidly and cost-effectively deliver value-added services to Australian consumers – including via easy connection with multiple service providers – without requiring significant change in their existing payments and technology infrastructure.

“The Verrency relationship will enable volt bank to outpace traditional banks in their delivery of new customer-centric banking services.”

Volt CEO Steve Weston said: “As the first digital bank in Australia, we are using technology to improve the way consumers experience banking. Verrency’s incredibly adaptable payments platform enables us to securely deliver innovation at a pace well beyond that of traditional banks – significantly enhancing our own capabilities, as well as that of our other banking and payments technology partners.”

“In addition, Verrency supports our mission of ensuring that our digital bank will be a trailblazer in a new era of banking and that every experience we offer will be mobile-led, personalized and customer focused.”

The Australian Prudential Regulation Authority (APRA) granted volt bank a restricted authorised deposit-taking institution (RADI) licence paving the way for greater competition in banking in Australia. volt bank is the first bank to have been granted a RADI license and the first new retail-focused bank licensed since early 2000. Subject to volt bank transitioning to a full banking licence they will initially offer savings and transaction accounts, term deposits and foreign exchange, before moving into personal loans, mortgages and credit cards.

Founded in 2016, Verrency is a highly innovative global FinTech firm that focuses on enabling major financial institutions to rapidly and inexpensively drive significant innovation via their existing payments technologies and networks.