Australian challenger Volt Bank has launched its new online banking platform using Temenos’ T24 Core Banking, Financial Crime Mitigation and Analytics solutions.
The new bank has launched on the Temenos Cloud which provides Volt with pre-configured country-specific functionality. Volt Bank is set to take on the market as new banking regulation comes into force in Australia in 2019.
In May this year, the bank secured the first restricted authorized deposit-taking institution licence from the Australian Prudential Regulation Authority and is currently working towards obtaining an authorized deposit-taking institution banking licence.
Volt Bank CEO Steve Weston said: “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’ Financial Crime Mitigation product claims it is able to offer banks the ‘lowest levels of false positives in the industry while also reducing banks total cost of ownership by approximately 50%.
The banking software company recently expanded its financial crime mitigation product to include an AI-based Suspicious Activity Prevention solution.
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