Australian challenger Volt gets full banking licence

Tuesday 22 January 2019 00:37 CET | News

Australian challenger Volt Bank has became the first digital challenger bank to be granted a fully-fledged banking licence.

The Australian Prudential Regulation Authority (APRA) granted the bank a licence to operate as an authorised deposit-taking institution (ADI) without restrictions under the Banking Act 1959.

It was previously licensed by APRA in May 2018 as a restricted ADI. Under the terms of that restriction it could accept no more than USD 178,000 in a single deposit, and a maximum of USD 1.4 million in total deposits.

Volt now plans to roll out savings and transactions accounts, term deposits, personal loans, and home loans.

Back in December 2018, Volt went live with Temenos’ T24 core banking system, financial crime mitigation and analytics on the cloud.

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Keywords: Volt Bank, banking licence, digital, challenger, Australia
Countries: World