Volt Bank officially a data recipient under consumer data right

Volt Bank has become the first Australian neobank to become accredited as a data recipient under the consumer data right (CDR) scheme.

The neobank joined the growing list of accredited data recipients (ADRs) after receiving final sign-off from the Australian Competition and Consumer Commission (ACCC).

Volt joins the likes of major players Westpac - which became accredited in early October this year, NAB and CBA.

The news also makes Volt the sixth Australian bank in total to achieve ADR status; the other two are Regional Australia Bank and Beyond Bank.

Now Volt has gained its accreditation, it can act on behalf of a customer to collect relevant information from a data holder to provide a tailored product or service.

Volt chief data officer Tony Ohlsen welcomed the accreditation, telling iTnews the bank “will bring two innovative use cases to open banking.”

“The first helps responsible lending by making it easy for customers to digitally share all their banking details, so we can help calculate loan affordability instantly and accurately,” said Ohlsen.

"The second will bring some great tools via the Volt and Volt partner app to help our customers budgeting and planning with our partner, Frollo.

"Due to our unique banking-as-a-service (BaaS) platform, Volt’s partners will also be able to use open banking, so we will not only help fintechs and non banks get access to banking services, but also they will be able to access open banking through Volt, making it easy for more players to benefit from it."

Volt’s partnerships include Railspay, which signed on earlier this year to help the company expand its Asia Pacific presence by using Volt’s banking-as-a-services platform and infrastructure to offer bank accounts, cards and payment solutions to Australian customers.

Railspay is now set to launch microbusiness banking app Parpera via Volt’s BaaS service.