Australia’s newest bank, Volt Bank, and wealth management platform, Spitfire, have formed a technology alliance that the two companies say will set a new standard for banking and wealth management integration.
Under the agreement, the Spitfire platform will manage Volt’s soon-to-be-launched deposit products, further cementing its position as a ‘one stop shop’ for investors seeking the full gamut of asset options, the companies said.
Customers who bank with Volt and manage their investments with Spitfire will have the ability to view and trade all their assets via a single portal, creating a seamless experience.
This includes viewing and trading global assets, connecting Australian investors to an array of offshore yield options in real-time.
“Spitfire and Volt share an ambition to improve their customers’ lives through technology. This partnership will contribute to a seamless and transparent investment experience and better connect Australians to international opportunities,” Volt Co-founder and CEO, Steve Weston said.
“Volt isn’t constrained by legacy systems that have stifled innovation at incumbent banks and as we approach our customer launch, partnerships like this help us show Australians there is a better way to manage their money and achieve their financial goals.”
Spitfire was established in 2015 as a multi-asset, multi-currency investment platform across equities, managed accounts, managed funds, fixed income, and unlisted assets.
“Spitfire is changing the game in wealth management, and our cloud native platform will deliver unmatched transparency, flexibility and functionality to Volt’s customers in a secure environment,” said Head of Distribution at Spitfire, David Storm.
“This partnership is a tremendous step in bringing wealth management into the 21st Century, and in allowing planners and advisors to act in the best interests of their customers.”