Neobank Volt has partnered with fintech Frollo to launch a new banking-as-a-service (BaaS) app designed to integrate into Volt’s own banking system and offer white-labelled products for BaaS customers.
New features available in the updated Volt app will include various personal finance management tools, including the ability to link accounts from over 80 other financial institutions, as well as spend graphs and financial management prompts.
Transactions will also be categorised using artificial intelligence to identify between bills, incoming funds and merchants to assist with tracking cashflow.
Through the partnership, Volt will also gain access to Frollo’s open banking ‘financial passport’ to create instant lending decisions and provide a complete profile of a borrower’s status.
The app was built over a two-month period and is already available for Volt’s BaaS clients to offer to their customers.
Volt’s first BaaS client, Australian Financial Group (AFG), recently trialled two consumer offerings via the Volt BaaS platform to 125 AFG brokers, with plans to expand to a total of 3050 brokers in early 2022.
The BaaS app will also be used to underpin Volt Bank's own consumer app, with that change set to occur in coming weeks, and the update available through app stores.
Volt founder and CEO Steve Weston said partnering with Frollo made sense given the strong relationship between the two organisations.
“Frollo … has worked with us from day one to deliver great money management experiences for our customers in our Volt Labs and Volt Bank apps,” said Weston.
“Frollo also helped us test our data holder solution and helped us with our data recipient accreditation [for open banking], so when it came time to build a next-generation banking app with a full suite of open banking and personal financial management features to accompany our new BaaS offering, they were the obvious choice.”
