Case Study

Volt Bank

Volt Bank Reduces the Time and Cost of High-Volume Transaction Matching with Cadency® by Trintech

Main Challenges:

Highly manual reconciliation process with a lack of visibility and control over the financial close process along with risk exposure.

Key Objectives:

  • Reconcile more efficiently and accurately
  • Gain full visibility and control of the close process
  • Reduce the time spent on the month-end close

Return on Investment:

  • Real-time dashboards provide full control and visibility into the month-end close
  • Time savings throughout the month-end close
  • Improved morale and productivity across the accounting team

As a rapidly growing and innovative organization, Volt Bank has always had a strategy around continuous innovation outwardly into the market but also internally when it comes to improving their back-office processes and systems.

They understand the importance of implementing leading technology to not only help scale the organization but also empower their people to refocus their time, energy and effort away from those manual, tedious tasks towards more value-added initiatives that help drive the strategic direction of their organization.

“Volt Bank is not a traditional bank in that they operate more like a “banking-as-a-service”, so they were needing a solution to not only reconcile their accounts but also process the fees for the services they were providing and matching those to the billing they were receiving.” – Alan Manuel, Program Manager, Volt Bank’s Transformation Project

“They realized early on that the speed at which they were needing to conduct these manual processes and the volume of resources they were having to add to those processes resulted in significant cost and risk to the organization,” said Manuel. In addition, Volt Bank needed to ensure proper processes and controls were in place to comply with the Australian Financial Regulatory Authority requirements. “Volt Bank was the first to get our license as a digital bank so there is naturally very high scrutiny over how they operate so we needed a solution that gave us greater control over our processes,” continued Manuel.

Why Cadency by Trintech?

Volt Bank looked at several vendors to help automate their processes and even entertained the idea of building a solution in-house. “We went through an evaluation process of multiple vendors and very quickly realized that building a solution in-house was not an option because of the required cost and time of maintaining that solution,” said Manuel. “After speaking with some of our peers who had seen success with Cadency, we felt confident Trintech would be the right partner for us.”

In 2020, Volt Bank decided to implement Cadency® by Trintech and has taken a phased approach to the implementation starting with Cadency Match to automate their high-volume transactions.

Solution in Action

Cadency has been instrumental in helping automate Volt Bank’s high-volume transaction process. In addition, it has helped manage their overall risk and standardize controls. “We used to spend a significant amount of time and effort manually matching and reconciling our accounts,” continued Manuel. “With Cadency, the time spent matching accounts has reduced significantly and we have greater confidence in the numbers we are reporting.” Volt Bank has also seen cost savings since implementing Cadency. “We have been able to scale the business without having to add additional resources,” continued Manuel. “Also, the team that is in place isn’t wasting time tracking down issues that, in most cases, cost more to investigate than what the actual variance is.”

Another key feature of Cadency is the ability for teams to be alerted when exceptions occur. “The system not only notifies the appropriate people of the error, but it also documents the resolution process in one central location for a complete audit trail,” continued Manuel. Once Volt Bank began to see the initial benefits of Cadency Match and knew they could trust the data being reconciled, they started to explore expanding the usage of Cadency to gain additional value.

 

“Trintech helped us develop a Smart Bot within Cadency that now helps manage billing verification by using information already derived from the reconciliation processes to validate fees being charged,” said Manuel. “This has been a significant time-saver for us.”

Looking ahead, Volt Bank is looking to continue to maximize the usage of Cadency by further leveraging the fees verification and onforwarding billing capability along with the automated journal entry generation. “We continue to invest in training and education with Trintech’s Support team which will help drive our future plans with Cadency,” concluded Manuel.

 

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About Volt Bank

Volt is Australia’s first neobank, on a mission to help people develop positive financial habits and be masters of their own money, initially by learning to save often and spend wisely. Volt is digital, independent, safe, and reliable, and was the first neobank to release a ‘no catches’ variable interest rate not riddled with hoops, hurdles, tricks, or conditions. The saving challenge teaches consumers to form a savings habit by choosing to complete six weekly, fortnightly, or monthly deposits. Deposits with Volt of up to $250,000 are covered by the Government’s financial claims scheme.