Case Study
KYC
KYC
AML
AML

Simple, flexible and future-proof verification solution for BaaS platform

KYC
KYC
AML
AML
The customer
Industry
Location
Digital banking
Australia
Customers

One of the key waves of digital disruption in financial services has been the rise of the “neobank” - digital-only financial institutions that seek to revolutionise the way consumers bank. With no legacy systems or physical retail presence, neobanks are able to start from scratch with best-of-breed technology that prioritises the customer experience that allows them to effectively compete with traditional banks.

Volt Bank was the first of this wave in Australia, being the first new retail bank since the early 2000s. In addition to their digital banking services, Volt also launched their Banking-as-a-Service (“BaaS”) platform in 2020, partnering with innovative technology companies, such as Frollo, Flare and QPay, that leverage Volt’s core banking system.

The challenge
  • Trusted compliance partner for BaaS platform
  • Simplicity and speed in implementation and commercial arrangements
  • Future-proofed against changing customer needs

As Volt was seeking to launch their BaaS platform in 2020, they needed a partner who could provide a compliance solution for their BaaS platform customers. As a neobank, customer experience was important, but so was maximising pass rates and simplicity for their platform customers. Many of Volt’s customers chose to use the BaaS platform for its simplicity and faster time to market, which could be put at risk by long implementation timelines or complex vendor integrations.

“We approached FrankieOne seeking a single partner who could handle our KYC and AML requirements, and also ensure the best possible pass rates. FrankieOne delivered on their promise, achieving best-in-market match rates via their multiple vendor cascade - a service we were not able to obtain from any other partner. Their single API, and supportive onboarding team meant we were onboarded and live fast. The ability to outsource all vendor management, vendor due diligence and API builds to FrankieOne has allowed us a dramatic competitive edge.”
Andrew Clouston
Chief Customer Officer, Volt Bank
The FrankieOne solution

With FrankieOne’s, flexible, future-proof solution, Volt benefits from:

  • Single commercial arrangement
  • Single API and integration
  • Multiple vendors for each compliance function (AML, KYC, fraud)

FrankieOne’ solution was unique in its ability to offer multiple vendors through a single commercial arrangement and a single API, making both the commercial and technology aspects of the solution straightforward.

FrankieOne conducts due diligence of all data sources and vendors, and handles the commercial arrangements on our customers’ behalf. This meant Volt’s customers are able to tap into an array of vendors otherwise not possible without the resources of a large financial institution to manage multiple vendors. In addition to providing better onboarding pass rates with more data, this also future-proofs the solution - as Volt’s customers vary in needs or as their needs change, they can switch vendors at the flick of a switch.

The technology is also simple for Volt’s customers - a single API integration with a short implementation timeline gives them access to multiple vendors and a Portal that unifies this data into a single view of the customer. Without FrankieOne, Volt’s customers would require multiple, complex integrations that would consume development resources and slow time to market.

Given Volt’s unique model as a BaaS platform, their compliance team needs to monitor customer configurations and activities. FrankieOne developed a parent & child structure within the Portal that offers them full visibility and governance controls (“parent”) while maintaining a fully customisable dashboard available to Volt’s customers (“child”).

Andrew Clouston, Volt’s Chief Customer Officer, recalls “seeking a single partner who could handle our KYC and AML requirements, and also ensure the best possible pass rates. FrankieOne delivered on their promise, achieving best-in-market match rates via their multiple vendor cascade - a service we were not able to obtain from any other partner. Their single API, and supportive onboarding team meant we were onboarded and live fast.”

He specifically notes that “the ability to outsource all vendor management, vendor due diligence and API builds to FrankieOne has allowed us a dramatic competitive edge. Since we went live with FrankieOne in August 2020, we have utilised a wide variety of their fraud and ID services, across multiple releases - a testament to the future-proofing inherent in their business model. Their post go-live support and reporting has allowed us to continuously improve our customer onboarding experience.”

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