Volt Bank chooses FIS for payment operations

Sydney-based neobank Volt Bank has picked upon financial service providers FIS to power its mobile and card payment services.

FIS, who recently purchased global payments solution provider Worldpay via a multi-billion deal in April, will provide Volt Bank with processing services for its credit card and mobile payments products. 

Furthermore the firm will also provide solutions for risk and compliance management as well as treasury management.

“We are delighted to be working with Volt Bank and be part of its growth story,” said Raja Gopalakrishnan executive vice president, banking & payments, FIS. 

“As a digital bank, Volt Bank is well positioned to meet growing consumer demand in Australia for innovative payment services.”

Volt Bank was issued with a RADI licence on 7 May 2018 and in turn became the first organisation to do so under the new licensing framework. 

Volt’s banking platform is fully digital and located in the cloud; FIS’ technology is expected to provide the bank with a “highly scalable, cost-effective platform” for its customers.

Luke Bunbury, deputy CEO, Volt Bank, explained: “Our mission from the start has been about building a bank that helps consumers live their lives to the fullest, by making them better off. Technology and technology partners are key to delivering on this. 

“We have been working with FIS for several months to create a sophisticated cloud-based platform that brings innovative, consumer-focused payment products to market quickly, safely and efficiently. 

“FIS has a long record of working with financial institutions across the world to digitise their payment operations, and we look forward to continuing to work with the team to create the kind of bank consumers want.”