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Volt Bank is officially a data recipient in Australia under CDR

Friday 29 October 2021 09:31 CET | News

Volt Bank has become the first Australia-based neobank to become accredited as a data recipient under the consumer data right (CDR) scheme, according to itnews.com.au.

The neobank joined the growing list of accredited data recipients (ADRs) after receiving final sign-off from the Australian Competition and Consumer Commission (ACCC). Volt joins the likes Westpac - which became accredited in early October 2021, NAB, and CBA. The news also makes Volt the sixth Australian bank in total to achieve ADR status; the other two are Regional Australia Bank and Beyond Bank.

Now Volt has gained its accreditation, it can act on behalf of a customer to collect relevant information from a data holder to provide a tailored product or service. Volt’s partnerships include Railspay, which signed on earlier in 2021 to help the company expand its Asia Pacific presence by using Volt’s Banking-as-a-Service platform and infrastructure to offer bank accounts, cards, and payment solutions to Australian customers. Railspay is now set to launch microbusiness banking app Parpera via Volt’s BaaS service. 


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Keywords: neobanks, data sharing, banks, regulation
Categories: Banking & Fintech | Online & Mobile Banking
Countries: Australia
This article is part of category

Banking & Fintech