Australia’s first digital bank Vault And one of the largest mortgage collectors in the country Australian Finance Group Limited (ASX: AFG) Introduce personal finance app ‘Handl’. AFG Home Loans Sparc, both of which are powered by AFG Home Loans Sparc VaultS. Banking-as-a-Service (BaaS) According to the update Crowdfund Insider.
Handle. The AFG app and Spark’s home loan product are reportedly being offered to 125 AFG brokers and their customers’ pilot team, “making them both US-backed consumer products to continue to hit the Australian market.”
The release comes four months after the AFG and Volt partnership was first confirmed and “by the beginning of 2022, a total of 3,050 AFG brokers will be released,” the statement said.
Handle. The AFG app “Creates a real digital experience for AFG Home Loans Sparc customers, combining access to personal financial management (PFM) tools such as budgeting and financial highlights and making Vault Bank accounts accessible,” the update said.
AFG Home Loans Sparc offers “very attractive” interest rates for homeowners and investors with an “80% loan-to-value ratio (LVR) loan”.
“Believing the speed with which these products are manufactured and reaching thousands of customers is a clear indication of the benefits that Volt’s unique BAS strategy will bring to brokers and their customers,” the statement added.
Steve WestonAccording to Vault founder and CEO,
“It is encouraging to see that all the efforts of Volt Group and our partners over the past few years have yielded good results and we are getting paid fast. Product development and distribution is a testament to both capabilities.
David BaileyThe AFG CEO said:
“The development and presence of the Consumer Financial Application is an important part of ensuring that our brokers and their clients have a great opportunity to participate in open banking benefits while building a market. We are offering new solutions and the tools we need to make them successful.
The Union’s future plans may include adjusting the components of the Vault BAS platform to facilitate AFG’s secure decision-making process, to create a variety of non-credit-based white goods products, and to help AFG brokers access vault virtual banking products.