Australian challenger Volt Bank has gone live with Temenos’ T24 core banking system, financial crime mitigation and analytics on the cloud.

This will enable Volt Bank to accelerate the deployment of its banking products.

The bank says that “the agility, scalability and security” of the Temenos software running on the Temenos Cloud combined with the Temenos Australian Model Bank approach provided pre-configured country-specific functionality.

Martin Frick, managing director for APAC at Temenos, says: “By combining our Australian Model Bank functionality with the latest cloud technology, we were able to rapidly deploy a next generation banking solution for Volt Bank which will enable the bank to deliver experiences to challenge the status quo.”

Volt Bank uses Temenos and Microsoft Azure cloud technologies and aims to drive an API architecture for quick time-to-market and integrations, as open banking regulation aims to hit Australia in 2019.

In May 2018, the Australian Prudential Regulation Authority (APRA) granted Volt Bank the first restricted authorised deposit-taking institution (RADI) licence in Australia. Temenos has since worked with the bank to help it meet its regulatory obligations.