Volt introduces ‘ultrafast’ account authentication service in Europe
Open payments gateway Volt is launching an “ultrafast” bank account authentication service for online merchants and businesses, initially in the UK and five other key European markets.
The new product, called ‘Verify’, will be rolled out in Ireland, France, the Netherlands, Germany and Austria and will be available in additional European markets by the end of the year.
Using Verify, businesses and merchants are able to securely access customers’ bank accounts prior to payment initiation, in order to confirm a user’s details, such as full name, bank account number and, where available, account balance.
“Verify’s ultrafast capability eliminates the complexity of the verification process and reduces additional steps,” said Aleksandra Petera, product owner, Verify at Volt.
“It is a great alternative to using microtransaction/penny transaction flows (where a user is required to send 1 penny transaction), which cause delays in the verification process and user drop-off at checkout, a major source of lost revenue for merchants and companies in the digital economy.”
Petera added: “Verify enables merchants to provide a superior user experience at checkout and is a highly effective solution for businesses that require quick confirmation of identity or account number authentication.”
Volt said that the main use cases for Verify are open loop payments, direct debit mandates – where account authentication is critical to minimise failed payments – and user profiles, where aggregated accounts information enables users to get faster payment or finance management processes.
Petera added that with the launch of Verify, Volt now spans the entire spectrum of open banking capabilities, covering both AIS and PIS.
“Decreasing friction and preventing fraud are top of mind for companies operating in the digital economy, and Verify delivers the simplicity customers want, the security both them and merchants need, and the scale across key European markets as a blueprint for a future of real-time payments everywhere,” she said.
Earlier this year, Volt appointed Matt Komorowski as its new chief revenue officer after nearly a decade at PayPal, as part of its plans to scale.