Volt Bank has been granted a full banking licence from the Australian Prudential Regulation Authority (APRA).
This makes them the first digital bank to receive a full banking licence from APRA.
The company is now licensed to operate as an authorised deposit-taking institution (ADI) without restrictions.
The licence will give the company an advantage over other competitive banks.
This move from APRA will allow Volt Bank to set the tone for a new era of banking.
Steve Weston, Co-Founder and CEO of Volt Bank said the bank is focused on ‘leveraging tech and data to deliver a new kind of banking experience.’
Volt Bank will use technology such as smartphone facial recognition to on board clients.
About Volt Bank
A confluence of factors makes now the right time to establish a digital bank in Australia. Consumer behaviour has changed from banking in branches to mobiles. In May 2018, APRA granted its first Restricted Authorised Deposit-Taking Institution (RADI) licence to volt bank limited. volt bank expects to achieve its full ADI licence by the end of 2018. volt bank will act more like a “technology company with a banking licence”, transforming the way banking is done. volt will focus on the customer with a holistic approach helping them solve their most difficult financial challenges.