Categories: Business

How Railsbank can provide new financial opportunities in Australia

Share

London-based Railsbank has partnered with Australian neobank Volt and the former plans to improve and provide fintech opportunities in the country. Railsbank wants to use Volt’s banking-as-a-service platform to distribute various products, such as cards and payments. This is a partnership that will contribute to Railsbank’s expansion in the Asian region.

Open Banking on Surge

Open banking got a slow start in Australia, but by adding cards in summer 2020, the country also contemplates adding more financial services this year. The concept of online banking has been rising in recent years, and Australia is no exception.

What is open banking?

As we know, Open Banking is a fundamentally new type of banking, which was originally intended to improve competition in the market, stimulate innovation and offer more personalized and more profitable services for users. In simple words, this feature allows fintech or other third-party services to have access to the customer’s financial information or financial transactions. The more participants in this system, the higher the competition. Open banking is considered a future in the financial system.

Railsbank to help Australia’s fintech scene thrive

However, as experts note, the country’s embedded finances are still in the development stage, but it is destined for rapid growth. Justin Xiao, who is a current COO of Railsbank notes that the ongoing partnership between Australia and the bank will also pave the way for future partnerships in the Asia Pacific region.

How the coronavirus pandemic accelerated finances in Australia?

The coronavirus pandemic in 2020 impacted global markets in the world, but at the same time offered some unique innovations, laying the foundation for digital finances. Since the pandemic, the number of people using mobile payments grew sharply. Mobile payments are an integral part of open banking that can boost embedded finance projects. With this partnership, both Volt and Railsbank want to want to allow other films to scale a wide array of banking products through rapid digital enrollment.

Major competition in the Australian market

While we are talking about Railsbank’s partnership with Volt, it is necessary to point out that Apple also has a sizable presence in the Australian market. The company has grown rapidly in the country, and a lot of people use Apple Pay.

That being said, Apple and Google are two huge names that pressure other participants of the financial markets. They find it hard to provide customers with payments, financial and consumer apps that might not be supported in-house. Railsbank, which is also a part of the Visa Fintech Fast Track program, has built enough reputation and connections to drive the Australian market.

What can Australia anticipate?

This partnership will indeed benefit both parties and contribute to the expansion of embedded finances in Australia. Railsbank will contribute a lot to the opportunities, and its launch will raise awareness of the bank among Australian brands. Also, in the future, Railsbank will also support firms that are looking to gain a foothold in markets where Railsbank is already presented.

Image courtesy of olia danilevich/Pexels

Konstantin Rabin

Konstantin Rabin has been in marketing and advertising since 2011. After leading marketing efforts of one of the largest financial brokerages and an innovative b2b fintech company, he decided to go solo and is now focusing on consulting financial companies on how to drive the best results from their digital marketing efforts. Next to this, Konstantin has been showing interest in the recent regulation of the most competitive industries – finance and iGaming. Stalk him on Quora or connect via LinkedIn to learn more.

Published by
Konstantin Rabin

Recent Posts

‘My Hero Academia’ Season 5 Episode 9: Bakugo, Tokage’s battle + new promo art revealed

My Hero Academia Season 5 Episode 9, titled “Early Bird,” will show the battle between…

6 mins ago

‘Trails to Azure’ english fan translation patch coming soon

For fans of JRPG games, one more fan patch is coming as Trails to Azure…

7 mins ago

‘Dragon Ball Super’ Movie: Will does the new film have to feature a god-level villain?

Fans are now waiting to see the new Dragon Ball Super movie. What is the…

13 mins ago