London-based Volt has partnered with payments and transactional services company Worldline to make Volt’s open payments infrastructure available to more than 600 enterprise-level merchants, in turn increasing transaction volumes.
The partnership aims to accelerate the adoption of Volt’s real-time Open Banking payment method across Europe, while continuing its expansion into Asia and Latin America.
By teaming up, Worldline said it will gain a “first-to-market competitive advantage with a unique Open Banking offering”.
Worldline’s customers will be able to launch their own branded payment method with real-time settlement and substantially lower fees, improving the user experience and conversion rates.
Roger Niederer, chief market officer, merchant services at Worldline, called it an exciting time for payments, “as PSD2 spurs on Open Banking innovation”.
He added: “The Volt team impressed us early on with their ability to respond to changes swiftly during product development.
“As such, we are incredibly excited today to bring this product to market; it’s unprecedented and truly unlocking value for our prospects and customers. Together with Volt, we are at the forefront of the digital revolution shaping new ways of paying and doing business online.”
Volt CEO Tom Greenwood said that the collaboration will “power a bold new Open Banking offering”.
“The commercial benefits are a no-brainer: merchants need more cost-effective payment alternatives to card payments, and much faster settlements,” he added.
“Open Banking payments are real-time, and are inherently more secure as the danger of card fraud is eliminated. Working with Worldline, we will support hundreds of businesses in their adoption of this new-generation, real-time payments service.”
In June this year, Volt raised $23.5 million in a Series A funding round led by EQT Ventures.