Digital bank Volt has revealed a new partnership with veteran fintech vendor IRESS to build its customer-facing mortgage system.
The neobank, which only recently gained regulatory approval to become a fully-licensed deposit taking institution, will use IRESS’ MSO software to capture and assess mortgage applications.
The software also assists with orchestrating approvals and settlements, enabling mortgage lenders to automate workflows and reduce associated costs while speeding up application turnaround.
Volt chief executive and co-founder, Steve Weston, said IRESS’ cloud-based, “highly configurable” MSO software was selected “because of its powerful workflow management and automation together with extensive integration capabilities to manage complex third party services”.
“We were also impressed with the rapid implementation and support provided by IRESS’ expert local team.”
Customers are yet to see the platform, however, as Volt’s website shows the company is still to undertake beta testing of its platform.
The neobank, which claimed to be the first retail bank to be granted a banking licence by the Australian Prudential Regulation Authority since the 2000s, still expects to open its platform to customers in the first half of this year.