Thursday, 30 June 2022

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Australian neobank Volt ends banking operations

The Era of Uncertainty: Stablecoins
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Australian neobank Volt ends its banking operations
Australia's first all-digital bank, Volt, is exiting the banking sector and returning its banking license, per Reuters.

The neobank, which was founded in 2017 and gained an Australian banking license in May 2018, is closing up shop after failing to raise sufficient funds to run the business.

Volt was one of four original neobanks that Australian regulators approved after misconduct increased within Australia's financial industry. Of the original four neobanks it licensed, only one, Judo, remains in business today.

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Oracle and Adyen help restaurants streamline contactless payment acceptance
Oracle introduced Food and Beverage Payment Cloud Service, a point-of-sale (POS) system that helps restaurants accept contactless payments, per a press release.

Oracle is using Adyen for Platforms—the payment processor's solution that lets platform-based businesses onboard sellers and submerchants and accept payments on their behalf—to help power the service.

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Oracle and Adyen help restaurants streamline contactless payment acceptance
The Era of Uncertainty: Stablecoins
The recent stablecoin meltdown amid the larger crypto crash has highlighted the need for regulation—which will help ensure the asset can provide the stability it was once known for. Payment incumbents must weigh the crash's implications and closely monitor regulatory moves as they plan for short- and long-term crypto payments growth.
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