Bumper chooses Volt to drive Open Banking payments to car dealerships

01 Feb 2024

Real-time payments platform Volt has formed a partnership with Bumper, a payment platform for car dealerships, to introduce Open Banking and real-time payments to the automotive industry.

The new collaboration aims to enable consumers to make payments for vehicle deposits, repairs, parts, services, and even purchase vehicles outright, with Volt’s integration available initially in the UK, before rolling out to other European markets.

The timing of this partnership coincides with the rebound in UK car sales, which have seen a significant increase since the Covid-19 pandemic.

In 2023, more cars were sold in the UK than in any year since the pandemic, with used car sales experiencing a 5.5% year-on-year growth in the third quarter of 2023.

Volt and Bumper have already witnessed the impact of this resurgence, with more than £3 million in payments processed since the integration was implemented in January 2024.

As part of the partnership, Volt now powers Bumper’s ‘Pay Now’ function, which allows for seamless automotive payments. Dealerships can benefit from instant settlements, reducing the risks associated with non-payment or system errors.

The integration also offers a mobile-first experience to customers, providing a simplified checkout flow and ‘Pay by Link’ options.

The collaboration has initiated Open Banking payments for customers at over 5,000 dealerships throughout the UK, including at automotive manufacturers such as Audi, Ford, Porsche, and Volkswagen.

Richard Drury, vice president of partnerships at Volt, said: “We’ve created a perfect solution for Bumper, with the initial results and quick adoption proving that it resonates with both buyers and sellers.

“There’s huge potential for real-time payments to take off in the automotive industry, so this partnership was a no-brainer for Volt.”

Jack Allman, chief commercial officer and co-founder of Bumper, highlighted the impact of the move to Volt as Bumper’s Open Banking payment provider.

“This new partnership enhances our Open Banking infrastructure with increased functionality, including settlement accounts, real-time notifications and refunds.

“These developments will increase operational efficiency and automation across all users, whether they work in accounts, sales or service,” he added.

“Additionally, Volt’s global payment network facilitates Bumper to roll out our Open Banking product across Europe in the near future.”

Last year, Volt formed partnerships with Shopify and Worldpay, and also successfully completed a Series B funding round, which later funded its expansion to Australia.

Bumper has raised £40 million in its own Series B funding round this year, with the funding being used to support its plans to launch in more European countries.