Digizoo helped Volt deliver payments and consumer cards in under 4 months.
Who is the client?
Volt was the first neobank in Australia to receive an unrestricted authorised deposit-taking institution (ADI) licence from the Australian Prudential Regulation Authority (APRA).
Volt was founded in 2017 the company received its full license to operate as an authorised deposit-taking institution (ADI) in January 2019. The company went to market with a functional savings account and have started onboarding some of the 40,000 members on the waitlist in early 2020.
What was their business challenge?
As a completely new bank, Volt had to develop everything.
Even though the company had over 100 staff to help create everything from their digital app and financial products to modern B2B services and platforms – they lacked experience and capabilities.
What did we deliver?
Digizoo was a key resource in building out the Volt banking service, including cards payment services, UI/UX and partner portals.
Digizoo was initially engaged to assist with the platform architecture and the technology strategy at Volt.
This quickly led to the complete design and build of an innovative debit cards management platform using cloud microservices and API standards. This included an end-to-end integration solution between Temenos T24 and FIS card management. Digizoo experience in infrastructure with similar banks also gave Volt the capability that led to a successful delivery.
The Cards Management Platform allowed Volt to begin onboarding new customers by giving customers the ability to:
- Create new cards,
- Activate their cards,
- Set their pin on new cards,
- Lock and replace lost or stolen cards,
- And execute authentication checks.
Digizoo’s reputation of continued successful delivery at Volt led to being re-engaged to begin the development of their new Cards Payments Platform. The cards payments platform allows Volt’s customers to use their cards for all transaction-related functionalities including:
- Ability to tap cards anywhere such as POS terminals,
- Withdrawal from ATM’s,
- And online purchases.
Digizoo was also able to streamline business and development processes within Volt by providing new ways of working. Digizoo uses proven methodology and frameworks combined with an agile approach to delivery, to ensure continued successful delivery. Using this approach, Digizoo has been able to streamline development throughout the whole bank by creating reusable code for security, logging, and reusable connections.
What were the business outcomes?
Partnering with Digizoo allowed Volt to compete with other emerging fintechs and neobanks by delivering an innovative cards transaction suite, consisting of both cards management and payments platforms.
Unfortunately, due to macroeconomic forces and challenges with offering a mortgage lending product, Volt was forced to close after failing to secure enough funds in its Series F round.
While the Volt closure was unfortunately, we believe this reflects broader business challenges, rather than any failures in the technology that was developed by Volt and its partners.