Real-time payments gateway Volt has become a global Open Banking partner of ecommerce company Shopify.
With Shopify having approved Volt as a partner, merchants across the UK, Europe and Brazil that have integrated Shopify will be able to offer Volt’s ‘Pay by Bank’ solution at checkout.
Customers will then have the option to initiate real-time account-to-account payments, with funds settled instantly.
Volt’s Pay by Bank solution will be made available to Shopify merchants in other countries over the coming months, starting with Australia in the fourth quarter of this year.
Ritu Khanna, vice president of global partnerships at Shopify said: “Volt stood out as an Open Banking payments provider owing to its infrastructure, the ease by which merchants can integrate its checkout, and its proven track record in the field.
“We’re pleased to offer Volt’s ‘Pay by Bank’ option to our merchants at this global moment of change for payments, and we look forward to them – and their customers – realising the benefits of Open Banking and account-to-account technology.”
The value of global Open Banking payments is expected to increase from $57 billion in 2023 to $330 billion in 2027, according to data from Juniper Research.
Matt Komorowski, Volt’s chief revenue officer, added: “We’re aligned in our ambition to make commerce better for everyone, and real-time account-to-account payments represent real progress in this regard.
“Open Banking is experiencing hockey-stick growth around the world because it’s faster, easier and more secure compared to incumbent payment methods. It’s a digital solution for the digital age, and we’re delighted to be bringing it to Shopify’s impressive merchant base.”
Since its launch in 2006, Shopify has processed $700 billion in sales and now has “active” merchants in 175 countries.
In April this year, ecommerce platform Shoplazza teamed up with Volt, enabling its merchants in Hong Kong, Singapore and China to accept cross-border Open Banking payments in the EU, the UK and Brazil.