The prudential regulator has drawn a line under the failure of Volt, saying the bulk of deposits were sent to other banks and an unclaimed amount sent to NAB.
It means neither neobank failure has led to any claims on the federal government’s Financial Claims Scheme, which guarantees deposits in a failed bank up to $250,000.Volt is conducting a process to sell its technology system
The IT system may be of interest to another bank wanting fast mortgage approval technology, or capability to provide “banking as a service”, which Volt developed and Westpac has also adopted. Banking as a service systems allow banks to distribute deposit and mortgage products via alternative brands.in deteriorating financial market conditions.
Customer numbers were relatively small because Volt had not yet opened to the wider public as it sought to match funding with loan demand, which was growing only gradually.Advertisement Former Volt customers with money now in NAB can leave funds there or transfer them to another bank of their choice, APRA said.
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