London-based payments company Volt has introduced Volt Connect – a new cash management service aimed at making the open banking payment process more transparent.
According to Volt, the new platform will provide merchants and payment service providers with complete visibility of open banking made through the UK’s Faster Payments Service and the European SEPA Credit Transfer and SEPA Instant Credit Transfer schemes.
Volt noted its Volt Connect service puts merchants in greater control of their cash by enabling them to track multi-currency PSD2 payments from the point of initiation to the moment of arrival in their bank accounts. In addition, automatic reconciliation and reporting offer recipients with an instant notification of settlement – allow them to credit the correct customer account quicker.
Volt Connect is available in the UK now and is expected to be made available across the rest of Europe by the end of May 2021.
Volt CEO Tom Greenwood said, “Although account-to-account payments can land in recipients’ accounts within seconds of initiation, they follow a complex, multi-step process, and there is no guarantee of settlement until the money arrives. This challenge is exacerbated where banks aren’t connected to instant payment schemes.”
“With Volt Connect, we’ve made it possible to make losses from failed transactions a thing of the past by providing total visibility and control throughout the payment journey, regardless of the route taken. Merchants can dispatch goods or credit customer accounts faster and with the certainty of knowing where funds are at all times, minimising the risk of being left out of pocket by reversed charges or payment failure.”
Volt recently partnered with Dutch challenger bank Bunq to provide a faster way for Bunq customers to transfer money from other accounts.
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