Under the deal, FIS (Fidelity National Information Services) will provide Volt Bank — a branchless digital bank — with processing services for its credit card and mobile payments products, and solutions for risk and compliance management as well as treasury management.
FIS says the new technology will be a key part of the bank’s overall technology platform, which is cloud-based and fully digital – "providing the bank with a highly scalable, cost-effective platform for serving its customers”.
“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.
“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,” said Luke Bunbury, deputy chief executive at Volt Bank.
“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.”