Tata Consultancy Services’ Global Payments Solution Will Power the Next-generation Banking Platform for Australia’s First Neobank
SYDNEY | MUMBAI, October 26, 2020: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organisation, announced that Volt, Australia's first neobank, has partnered with TCS to power Volt 2.0, its next-generation Banking as a Service (BaaS) platform.
Set to launch in 2021, Volt 2.0 will leverage TCS BaNCS™, a global payments solution, to expand the bank's offerings to include NPP, BPAY and DE, enabling full-service banking capabilities for all its customers. Volt will work closely with TCS to incorporate the real-time capabilities of TCS BaNCS for payments, along with API-based access to open banking components that are not dependent on traditional legacy structures. The end-to-end solution provides full back-end support, the flexibility to integrate leading technologies, and connect with an extended ecosystem to offer innovative new products and services.
“Volt’s unique platform technology places it at the forefront of Australian banks, and positions us well for incredible growth into the future,” said Steve Weston, Founder and CEO, Volt. “Operating in a highly regulated industry and the goal of becoming a market leader has led Volt to partner with exceptional global technology players like TCS whose commitment to continuing innovation will ensure Volt’s banking platform remains cutting-edge.”
"In this digital age, consumer expectations have soared, yet many banks are held back from innovation by lack of speed from legacy systems. TCS BaNCS is a cloud based solution for Australian banks seeking to collaborate with a range of partners and fintechs, to launch innovative products and deliver a superior customer experience," said Vikram Singh, Country Head, TCS Australia and New Zealand. "TCS is thrilled to be working with Volt to launch its next-generation payments digital banking platform Volt 2.0. Our deep knowledge and experience with payments technology will enable us to support Volt with a full-service, end-to-end solution leveraging TCS BaNCS."
TCS BaNCS for Payments offers multi-entity, currency, and country capabilities covering the complete value chain to Australian banks of all sizes. Its proven application architecture ensures anytime, anywhere digital access, scalability, resilience, high performance, and compliance.
Volt is Australia’s first neobank, on a mission to help people develop positive financial habits and be masters of their own money, initially by learning to save often and spend wisely. Volt is digital, independent, safe, and reliable, and was the first neobank to release a ‘no catches’ variable interest rate not riddled with hoops, hurdles, tricks, or conditions. The saving challenge teaches consumers to form a savings habit by choosing to complete six weekly, fortnightly, or monthly deposits. Deposits with Volt of up to $250,000 are covered by the Government’s financial claims scheme.
About Tata Consultancy Services Ltd. (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world’s largest businesses in their transformation journeys for over 50 years. TCS offers a consulting-led, cognitive powered, integrated portfolio of business, technology and engineering services and solutions. This is delivered through its unique Location Independent Agile™ delivery model, recognized as a benchmark of excellence in software development.
A part of the Tata group, India's largest multinational business group, TCS has over 453,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $22 billion in the fiscal year ended March 31, 2020, and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India. TCS' proactive stance on climate change and award-winning work with communities across the world have earned it a place in leading sustainability indices such as the Dow Jones Sustainability Index (DJSI), MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit us at www.tcs.com.
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