View source for Volt Bank

{{Short description|Australian consumer neobank}}
{{Use dmy dates|date=May 2014}}
{{Use Australian English|date=May 2014}}
{{Infobox company
| name = Volt Bank Limited
| logo = VoltBank Teal.png
| logo_size = 200px
| type = [[Unlisted public company]]
| traded_as = Volt Bank
| foundation = 2017
| defunct = 2022
| location = [[Sydney]], [[Australia]]
| area_served = Worldwide
| num_employees = 100<ref>{{cite web |title=Meet the Team |url=https://www.voltbank.com.au/meet-the-team |website=Volt Bank |access-date=22 January 2019}}</ref>
| key_people = Steve Weston ([[CEO]])
| industry = [[Banking]], [[Financial services]]
| homepage = {{unbulleted list|{{URL|http://www.voltbank.com.au/|voltbank.com.au}}}}|
}}
'''Volt Bank''' was an Australian consumer [[neobank]], the first such bank to be issued with a [[Authorised deposit-taking institution#Restricted ADI|restricted ADI]] licence by [[Australian Prudential Regulation Authority|APRA]].<ref>{{cite news|last1=Moullakis|first1=Joyce|title=APRA grants first local digital licence to volt bank|url=http://www.afr.com/business/banking-and-finance/apra-grants-first-local-digital-license-to-volt-bank-20180506-h0zpt4|access-date=10 May 2018|publisher=AFR|date=8 May 2018}}</ref><ref>{{cite news|last1=Duran|first1=Paulina|title=Australia grants first banking license to online startup|url=https://www.reuters.com/article/us-australia-banks-volt/australia-grants-first-banking-license-to-online-startup-idUSKBN1I80C6|access-date=11 May 2018|work=Reuters}}</ref> In June 2022, the bank announced it would permanently close its deposit-taking business and voluntarily return its banking licence, citing funding issues.<ref name="voltbank">{{Cite web |date=2022-06-09 |title=ROD - Home page - Volt Bank |url=https://voltbank.com.au/ |access-date=2022-06-28 |website=voltbank.com.au |language=en-US}}</ref>
Headquartered in Sydney, Australia, the bank was founded in 2017 and was granted a full licence to operate as an authorised deposit-taking institution (ADI) on 21 January 2019. Volt used BSB 517000.<ref>{{cite web |last1=McLean |first1=Ben |title=APRA grants new authorised deposit-taking institution licence to volt bank |url=https://www.apra.gov.au/media-centre/media-releases/apra-grants-new-authorised-deposit-taking-institution-licence-volt-bank |website=APRA |access-date=22 January 2019}}</ref><ref>{{cite web |last1=Yates |first1=Clancy |title=Volt Bank first neo-bank to get full banking licence |url=https://www.smh.com.au/business/banking-and-finance/volt-bank-first-neo-bank-to-get-full-banking-licence-20190122-p50sta.html |website=SMH |date=22 January 2019 |access-date=22 January 2019}}</ref><ref>{{cite web |last1=Banney |first1=Alison |title=It's official: Volt Bank receives full banking licence, becoming Australia's first neobank |url=https://www.finder.com.au/its-official-volt-bank-receives-full-banking-licence-becoming-australias-first-neobank |website=Finder.com.au |date=22 January 2019 |access-date=22 January 2019}}</ref>
==Business==
Volt’s banking platform is located in the cloud using the Temenos T24 core banking, Financial Crime Mitigation and Analytics, Salesforce and Microsoft Azure.<ref>{{cite web |last1=Hastie |first1=Eliot |title=Volt Bank goes live in record time |url=https://www.investordaily.com.au/technology/44205-volt-bank-goes-live-in-record-time |website=Investor Daily |date=23 December 2018 |access-date=22 January 2019}}</ref><ref>{{cite web |last1=Henderson |first1=James |title=How Australia's newest digital banks are expanding through Microsoft ISV Temenos |url=https://www.arnnet.com.au/article/648538/how-australia-newest-digital-banks-expanding-through-microsoft-isv-temenos/ |website=ARNNET |publisher=IDG |access-date=22 January 2019}}</ref>
Volt Bank also has industry partnerships with PayPal, Cotton On and Collection House.<ref>{{cite web |title=Volt Bank becomes first Australian company to sign a deal with Paypal in a bid to tackle customer frustration |url=https://wholesaleinvestor.com.au/volt-bank-becomes-first-australian-company-to-sign-a-deal-with-paypal-in-a-bid-to-tackle-customer-frustration/ |website=Wholesale Investor |date=9 October 2018 |access-date=22 January 2019}}</ref><ref>{{cite web |last1=Bajkowski |first1=Julian |title=Digital bank Volt snares full ADI licence |url=https://www.itnews.com.au/news/digital-bank-volt-snares-full-adi-licence-518257 |website=ITNews |access-date=22 January 2019}}</ref><ref>{{cite web |last1=Barry |first1=Elizabeth |title=Neobank Volt announces industry-first partnership with Cotton On|date=24 February 2020 |url=https://www.finder.com.au/neobank-volt-partnership-cotton-on |publisher=finder.com |access-date=25 February 2020}}</ref>
The bank publishes a mobile app, Volt Labs App, through which customers hold discussions and give feedback on the bank's products and services. The bank was planning to begin serving small businesses in 2020.<ref>{{Cite web|url=https://www.afr.com/companies/financial-services/volt-bank-gets-apra-green-light-20190122-h1abme|title=Volt Bank gets APRA green light|last=Eyers|first=James|date=2019-01-22|website=Australian Financial Review|language=en|access-date=2019-10-30}}</ref>
==History==
The banking regulator, APRA, created the restricted ADI (RADI)<ref>{{cite web|title=APRA finalises new Restricted ADI licensing framework|url=https://www.apra.gov.au/news-and-publications/apra-finalises-new-restricted-authorised-deposit-taking-institution-licensing|website=APRA|access-date=11 May 2018}}</ref> licensing framework to encourage new entrants and competition to the existing banking system.<ref>{{cite web|title=APRA consults on changes to authorising new entrants to banking industry|url=http://www.apra.gov.au/MediaReleases/Pages/17_31.aspx|website=APRA|access-date=11 May 2018|archive-date=11 May 2018|archive-url=https://web.archive.org/web/20180511214733/http://www.apra.gov.au/MediaReleases/Pages/17_31.aspx|url-status=dead}}</ref>
Volt Bank was issued with a RADI licence on 7 May 2018, the first organisation to obtain one under the new licensing framework.<ref>{{cite news|last1=Pash|first1=Chris|title=Digital startup volt just got Australia's first restricted banking licence|url=https://www.businessinsider.com.au/volt-bank-australia-first-restricted-banking-licence-2018-5|archive-url=https://web.archive.org/web/20180507070824/https://www.businessinsider.com.au/volt-bank-australia-first-restricted-banking-licence-2018-5|url-status=dead|archive-date=7 May 2018|access-date=11 May 2018|agency=Business Insider Australia|publisher=Business Insider Australia}}</ref><ref>{{cite web|title=APRA authorises Restricted ADI|url=http://www.apra.gov.au/MediaReleases/Pages/18_19.aspx|website=APRA|access-date=11 May 2018}}</ref> In doing so, it became the first completely new institution to be licensed as retail bank in the Australian market since [[Australian Bank]] in February 1981.<ref>{{cite web|title=SUBMISSION TO THE HOUSE OF REPRESENTATIVES STANDING COMMITTEE ON FINANCE AND PUBLIC ADMINISTRATION|url=https://www.rba.gov.au/publications/submissions/financial-sector/inquiry-australian-banking-industry/pdf/inquiry-australian-banking-industry.pdf|website=Reserve Bank of Australia|access-date=12 May 2018}}</ref><ref>{{cite journal|title=Submission to the Inquiry into the Australian Banking Industry Appendix 2: Australian Banks – 1980 to 1990|url=https://www.rba.gov.au/publications/submissions/financial-sector/inquiry-australian-banking-industry/appendix-2.html|website=Reserve Bank of Australia|date=January 1991 |access-date=12 May 2018}}</ref><ref>{{cite web |last1=Ellerm |first1=Jessica |title=Australia's neobank Volt goes live and competitor Xinja lands restricted licence |url=https://dailyfintech.com/2019/01/02/australias-neobank-volt-goes-live-and-competitor-xinja-lands-restricted-licence/ |website=Daily Fintech |date=2 January 2019 |access-date=11 January 2019}}</ref>
On 29 June 2022, in an email to its customer base, Volt announced their intention to cease their deposit-taking business and return their banking licence, the second neo bank to do so, following [[Xinja]]. Accounts held with Volt will be closed on 5 July 2022.<ref name="voltbank"/>
== See also ==
{{Portal|Banks}}
*[[Banking in Australia]]
*[[List of banks in Australia]]
*[[Digital banking]]
==References==
{{Reflist|2}}
==External links==
*[http://www.voltbank.com.au/ Volt Bank]
*[http://www.apra.gov.au/Pages/default.aspx/ APRA]
*[http://www.apra.gov.au/ADI/ APRA - Authorised Deposit-Taking Institution]
{{Banking Industry in Australia}}
[[Category:2017 establishments in Australia]]
[[Category:Banks established in 2017]]
[[Category:Neobanks]]
[[Category:Defunct banks of Australia]]
[[Category:Banks disestablished in 2022]]
[[Category:2022 disestablishments in Australia]]