Fintech start-up Volt Bank is the first of a new generation of digital banks (or neobanks) to receive a full banking licence in Australia. Unlike the big four banks, Volt Bank is 100% cloud-based, has no physical branches or legacy IT systems that drive up costs and affect agility, and focuses on delivering experiences rather than products. Founded in 2017, Volt Bank has over 100 employees.
Volt Bank plans to enable Australians to be better off, and believe it is technology that will make this possible. Its enterprise platform and banking services are built from scratch and rely on cloud-based data and services. In addition to providing greater flexibility to Volt Bank’s product development, this cloud-based approach means Volt treats cybersecurity as an utmost priority.
Starting a bank is no easy task. The proof? When Volt Bank received its banking licence from the Australian Prudential Regulation Authority (APRA) in January 2019, it was the first ‘start-up’ organisation to do so since the early 2000s.
One of the difficulties associated with obtaining a banking licence is being able to demonstrate that enterprise and banking security solutions are up to the mark. To achieve this, Volt Bank sought an external cybersecurity vendor that would complement its existing security team’s capabilities and:
· Conduct penetration testing on all Volt Bank banking products
· Provide cybersecurity assurance, through penetration testing, as required by APRA
· Deliver ongoing security testing and advice
Volt Bank and Shearwater continue to work as partners as the bank moves to take savings accounts, transaction accounts and loans to market later this year. As part of this, Shearwater is integrating penetration testing into SecDevOps to support the development of new online banking products.