Open payments gateway Volt has announced a new partnership that will enable DECTA merchants to process bank direct payments between accounts held at more than 5,000 banks across the UK and Europe.
By partnering with Volt, global payment processing firm DECTA will provide its customers from 70-plus markets, including banks, merchants, online payment service providers (PSPs) and fintechs, with a portal to Open Banking architecture.
Santa Kirsbauma, board member, product offering at DECTA, said: “Open Banking is gaining velocity across the industry, so when Volt’s Open Banking platform crossed our path, we immediately opened a dialogue.
“Volt’s unrivalled reach and speed will help us maximise the performance and security of clients’ transactions. It’s the perfect fit for our online payments arsenal, aligning with our goal to provide best-in-class payment methods.”
Jordan Lawrence, CCO at Volt, added that while demand for instant payments is rising due to the desire for immediacy and security, card fraud has tripled globally, from $9.84 billion in 2011 to $32.39 billion in 2020.
Volt’s intelligent platform enables instant account-to-account payments between businesses and customers, which it said will improve payment flow and reduce card fraud risk.
“DECTA’s extensive reach enables us to bring the benefits of Open Banking to a wider range of customers in new corners of the globe,” said Lawrence.
“As such, we are beyond proud to help more businesses overcome the limitations of traditional online payment systems. Together with DECTA, we are excited to fuel a fresh wave of growth for merchants and financial institutions.”