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Volt Bank
Volt Bank was an Australian consumer neobank, the first such bank to be issued with a restricted ADI licence by APRA. In June 2022, the bank announced it would permanently close its deposit-taking business and voluntarily return its banking licence, citing funding issues. Headquartered in Sydney, Australia, the bank was founded in 2017 and was granted a full licence to operate as an authorised deposit-taking institution (ADI) on 21 January 2019. Volt used BSB 517000. Business Volt’s banking platform is located in the cloud using the Temenos T24 core banking, Financial Crime Mitigation and Analytics, Salesforce and Microsoft Azure. Volt Bank also has industry partnerships with PayPal, Cotton On and Collection House. The bank publishes a mobile app, Volt Labs App, through which customers hold discussions and give feedback on the bank's products and services. The bank is planning to begin serving small businesses in 2020. History The banking regulator, APRA, created the re ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Unlisted Public Company
An unlisted public company is a public company that is not listed on any stock exchange. Though the criteria vary somewhat between jurisdictions, a public company is a company that is registered as such and generally has a minimum share capital and a minimum number of shareholders. Each stock exchange has its own listing requirements which a company (or other entity) wishing to be listed must meet. Besides not qualifying to be listed, a public company may choose not to be listed on a stock exchange for a number of reasons, including because it is too small to qualify for a stock exchange listing, does not seek public investors, Company Planners, accessed 6 October 2010 or there are too few shareholders for a listing. There is a cost to the listed entities, in the listing process and on ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banking In Australia
Banking in Australia is dominated by four major banks: Commonwealth Bank, Westpac, Australia & New Zealand Banking Group and National Australia Bank. There are several smaller banks with a presence throughout the country, and a large number of other financial institutions, such as credit unions, Building society, building societies and Mutual savings bank, mutual banks, which provide limited banking-type services and are described as authorised deposit-taking institutions (ADIs). Many large foreign banks have a presence, but few have a retail banking presence. The central bank is the Reserve Bank of Australia (RBA). The Australian government’s Deposit insurance#Australia, Financial Claims Scheme (FCS) guarantees deposits up to $250,000 per account-holder per ADI in the event of the ADI failing. Banks require a Banking license, bank licence under the ''Banking Act 1959''. Foreign banks require a licence to operate through a branch in Australia, as do Australian-incorporated fore ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Defunct Banks Of Australia
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Defunct (no longer in use or active) may refer to: * ''Defunct'' (video game), 2014 * Zombie process or defunct process, in Unix-like operating systems See also * * :Former entities * End-of-life product * Obsolescence Obsolescence is the state of being which occurs when an object, service, or practice is no longer maintained or required even though it may still be in good working order. It usually happens when something that is more efficient or less risky r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Neobanks
A neobank (also known as an online bank, internet-only bank, virtual bank or digital bank) is a type of direct bank that operates exclusively online without traditional physical branch networks. The term "challenger bank" is used in the UK to refer to a number of fintech banking startups that emerged in the wake of the 2007–2009 financial crisis. Their services may be accessed by clients through their respective computers or mobile devices. The range of services provided by neobanks is not as broad as that of their traditional counterparts. Unlike incumbent banks, a large portion of the income of neobanks is mainly made up of transaction fees received when customers pay with their debit card. History The term ''neobank'' has been in use since at least 2016 to describe fintech-based financial providers that were challenging traditional banks. There were two main types of company that provided services digitally: companies that applied for their own banking license and compan ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banks Established In 2017
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords. Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but in many ways functioned as a continuation of ideas and concepts of credit and lending that had their roots in the anc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2017 Establishments In Australia
Seventeen or 17 may refer to: *17 (number), the natural number following 16 and preceding 18 * one of the years 17 BC, AD 17, 1917, 2017 Literature Magazines * ''Seventeen'' (American magazine), an American magazine * ''Seventeen'' (Japanese magazine), a Japanese magazine Novels * ''Seventeen'' (Tarkington novel), a 1916 novel by Booth Tarkington *''Seventeen'' (''Sebuntiin''), a 1961 novel by Kenzaburō Ōe * ''Seventeen'' (Serafin novel), a 2004 novel by Shan Serafin Stage and screen Film * ''Seventeen'' (1916 film), an American silent comedy film *''Number Seventeen'', a 1932 film directed by Alfred Hitchcock * ''Seventeen'' (1940 film), an American comedy film *''Eric Soya's '17''' (Danish: ''Sytten''), a 1965 Danish comedy film * ''Seventeen'' (1985 film), a documentary film * ''17 Again'' (film), a 2009 film whose working title was ''17'' * ''Seventeen'' (2019 film), a Spanish drama film Television * ''Seventeen'' (TV drama), a 1994 UK dramatic short starring Christi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Digital Banking
Digital banking is part of the broader context for the move to online banking, where banking services are delivered over the internet. The shift from traditional to digital banking has been gradual and remains ongoing, and is constituted by differing degrees of banking service digitization. Digital banking involves high levels of process automation and web-based services and may include APIs enabling cross-institutional service composition to deliver banking products and provide transactions. It provides the ability for users to access financial data through desktop, mobile and ATM services. Description A digital bank represents a virtual process that includes online banking and beyond. As an end-to-end platform, digital banking must encompass the front end that consumers see, back end that bankers see through their servers and admin control panels and the middleware that connects these nodes. Ultimately, a digital bank should facilitate all functional levels of banking on all s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
List Of Banks In Australia
The following is the list of banks in Australia, as well as restricted ADIs, credit unions, friendly societies and subsidiaries and branches of foreign banks in Australia. Financial institutions in Australia are supervised by the Australian Prudential Regulation Authority (APRA) as authorised deposit-taking institutions (ADI) under the ''Banking Act 1959'' (Cth), as at 2 August 2017. Central bank *Reserve Bank of Australia Australian-owned ADIs (e.g. banks and building societies) Restricted ADIs (Restricted Authorised Deposit-taking Institutions) Restricted ADIs are newly licensed ADIs within Australia. Restricted ADIs have the same obligations as full ADIs, but are restricted to only taking a total of $2 million of customer deposits during their restricted period. To protect these deposits, Restricted ADIs are required to hold a minimum of $3 million of prudential capital, as well as a $1 million resolution reserve to resolving any legal matters (or government costs for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Xinja
Xinja is an Australian fintech company and former bank. Xinja was granted a full banking license by the Australian Prudential Regulation Authority in 2019. Xinja Bank was the second Australian neobank to be made an authorised deposit-taking institution. The company exited banking in December 2020 and returned to business in fintech. History Xinja was founded in 2017 by CEO Eric Wilson. The business began in fintech, offering products like prepaid cards and a money management app. In 2018, Xinja raised money via crowdfunding to develop its neobanking facilities. On 9 September 2019, Xinja was granted a banking licence by the Australian Prudential Regulation Authority. On 15 January 2020, Xinja Bank launched transaction and savings accounts using the BSB 775-775. In March 2020, the Dubai-based World Investments agreed to make a A$433,000,000 investment in Xinja Bank. Complications caused by the COVID-19 pandemic ultimately obstructed the Emirati investment and undermined ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sydney
Sydney ( ) is the capital city of the state of New South Wales, and the most populous city in both Australia and Oceania. Located on Australia's east coast, the metropolis surrounds Sydney Harbour and extends about towards the Blue Mountains to the west, Hawkesbury to the north, the Royal National Park to the south and Macarthur to the south-west. Sydney is made up of 658 suburbs, spread across 33 local government areas. Residents of the city are known as "Sydneysiders". The 2021 census recorded the population of Greater Sydney as 5,231,150, meaning the city is home to approximately 66% of the state's population. Estimated resident population, 30 June 2017. Nicknames of the city include the 'Emerald City' and the 'Harbour City'. Aboriginal Australians have inhabited the Greater Sydney region for at least 30,000 years, and Aboriginal engravings and cultural sites are common throughout Greater Sydney. The traditional custodians of the land on which modern Sydney stands are ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Australian Bank
Australian Bank (ABL) was an Australian retail bank that operated between 1981 and 1989. It was established by Perth businessman Garrick Agnew (its first chairman) and Sydney-based Mark Johnson (its first CEO). Johnson was also a co-founder of Macquarie Group. History At the time of its establishment in 1981, it was the first new trading bank in Australia since 1945. In the late 1970s, Agnew had expressed concerns that Australian banks weren't sufficiently competitive. During a discussion with fellow Western Australian John Stone (Australian politician), John Stone (then Secretary to the Department of the Treasury (Australia), Treasury), Stone suggested (possibly in jest) that, if Agnew were so concerned, he should establish a bank of his own. The bank opened offices in Perth (190 St George's Terrace), Sydney (17 O’Connell Street) and Melbourne (400 Collins Street, moving to 395 Collins Street from mid 1985). Whilst initially successful, the bank soon struggled in the wa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority (APRA) is a statutory authority of the Australian Government and the prudential regulator of the Australian financial services industry. APRA was established on 1 July 1998 in response to the recommendations of the Wallis Inquiry. APRA's authority and scope is determined pursuant to the . Regulatory scope APRA was established on 1 July 1998. It oversees banks, credit unions, building societies, friendly societies, general insurance, health insurance, reinsurance, and life insurance companies, and most members of the superannuation industry. It ensures that these institutions keep their financial promises; that is, that they will remain financially sound and able to meet their obligations to depositors, fund members and policy holders. APRA currently supervises institutions holding A$8.6 trillion in assets for Australian depositors, policyholders and superannuation fund members. APRA is largely funded by levies on the financial inst ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
