What is banking-as-a-service (BaaS) and how does it work?

Banking-as-a-service is a technology platform that allows non-bank companies to offer banking and financial products to customers without holding a banking license themselves. Volt's BaaS platform enables companies like Australian Finance Group to launch their own consumer apps and loan products by leveraging Volt's underlying banking infrastructure, regulatory compliance, and financial services capabilities.

What are Handl. by AFG and Sparc home loan products?

Handl. by AFG is Australia's first BaaS-powered personal finance app, while Sparc is a white label home loan product, both launched by Australian Finance Group in partnership with Volt Bank. These products were made available to a pilot group of 125 AFG brokers and their customers, making them the first BaaS-powered consumer products to go live in the Australian market.

Why would mortgage brokers and lenders use banking-as-a-service platforms?

Using a BaaS platform like Volt's allows mortgage brokers and lenders, such as Australian Finance Group, to quickly launch branded consumer apps and loan products without the significant costs, regulatory burden, and time required to build their own banking infrastructure. This enables them to offer innovative financial products and services directly to customers while maintaining their own brand identity.

Volt & AFG launch Australia’s first BaaS-powered consumer app and home loan