Neobank Volt and Australian Open Banking intermediary Frollo have partnered to jointly build and launch a new Banking-as-a-Service (BaaS) app that is both fully integrated with Volt’s core banking system, and can be white labelled for Volt’s BaaS customers.
Australian Finance Group (AFG) is Volt’s first customer to rollout a BaaS-powered app, having launched its ‘Handl. By AFG’-branded customer app for a pilot group of 125 brokers in October.
AFG will continue to offer it out to all of its 3,050 brokers in early 2022.
Frollo said that the app enables customers of AFG to see and manage their AFG Sparc home loan product, open and manage a Volt savings account, make payments and manage a Volt debit card from the one app.
The Volt BaaS app will also offer a range of Open Banking benefits that aim to improve personal finance management (PFM) functions for users, who will have the ability to link accounts from more than 80 other financial institutions to get a real-time view of their financial position.
Steve Weston, founder and CEO of Volt, said: “Frollo is the Australian market leader in open banking, and has worked with us from day one to deliver great money management experiences for our customers in our Volt Labs and Volt Bank apps.
“Frollo also helped us test our Data Holder solution and helped us with our Data Recipient accreditation, so when it came time to build a next-generation banking app with a full suite of Open Banking and PFM features to accompany our new BaaS offering, they were the obvious choice.”
Under the partnership, Volt will also become the first lender to use Frollo’s Open Banking-powered ‘financial passport’ to automate lending decisions.
Gareth Gumbley, CEO and founder of Frollo, said that it had fostered a “great relationship” with Volt over the years.
“With its BaaS offering they’re in a unique position to fully leverage the power of Open Banking, and it’s amazing to help them bring this to life,” he added.