A Neo bank is a brand new digital bank. Neo banks have no branches or old-fashioned IT infrastructure. They can move quickly, respond quickly, and develop a new method. In order to handle money since they are free of obsolete systems and thinking.
While some big banks are wary of the cryptocurrency industry. One of Australia’s new challengers sees huge potential. In a unique collaboration, neobank Volt will offer bank accounts to BTC Markets clients, enabling them to purchase and sell digital assets.
Volt is positioning itself as a ‘white label’ supplier of banking services and products to a wide variety of businesses in need of them.
BTC Markets calls the collaboration a ‘world first’ that will provide crypto investors with the protection of a real bank account. Also, while speeding up transactions and allowing automated payments.
Recently, Australia legalized neo-banks to compete with the “Big Four” lenders, who now hold almost 80% of the market.
Volt co-founder Steve Weston said:
“The total of all deposits in Volt accounts are covered by protection of up to a maximum of $250,000 per account holder under the Financial Claims Scheme.”
As a result of the move towards online banking and payment, neo-banks and other alternative financial platforms have grown in popularity.
Volt Bank Accounts for Real-Time Trading
With real-time notifications and payment automation for businesses with over 325,000 Australian consumers will have access to corporate cash management.
BTCM will encourage users to establish Volt bank accounts for real-time trading in the coming months. The Volt companies stated that the Financial Claims Scheme protects all account holder deposits up to A$250,000 ($185,900).
Earlier this year, Australia’s banking regulator tightened criteria for banking license applicants. Also intensified monitoring of newcomers, citing worries about “neo-banks.”
