VOLT

What is Volt and what do they do?

Volt is a London-based fintech company specializing in open banking payments. Launched in 2018, Volt provides a platform that facilitates instant bank transfers for consumers and businesses, effectively enabling direct bank payments. Its core offering revolves around leveraging the capabilities of the UK's Open Banking initiative, which allows third-party providers to access customers' banking data (with their consent) and initiate transactions securely.

Volt's payment services focus on enabling seamless transactions that bypass traditional card networks, offering an alternative that can reduce costs and increase transaction speed. The platform facilitates payments directly from a consumer's bank account to a merchant, ensuring a streamlined and efficient checkout process. Volt's technology supports real-time payments, with a strong emphasis on user experience and conversion rates, driving higher completion rates compared to traditional payment methods.

Who is it for?

Volt primarily serves businesses in various sectors that require fast, secure payment solutions. These include e-commerce platforms, retail outlets, travel services, and SaaS providers. The fintech is particularly suited for enterprises that handle high transaction volumes and are looking for ways to optimize payment processing costs while enhancing customer experience.

While Volt operates predominantly in the UK, its services may also be considered by businesses in other regions as the open banking ecosystem continues to evolve globally. Its technology is designed to integrate easily into existing platforms, making it accessible for a range of clients in different industries seeking efficient payment solutions.

Why do businesses choose Volt?

Businesses choose Volt for several verified strengths and benefits:

• Cost Efficiency: By leveraging bank-to-bank transfers, Volt can help reduce transaction fees significantly compared to traditional credit card processing, which often incurs high fees.
• Speed: Volt's service enables instant or near-instant payments, enhancing the user experience and leading to higher conversion rates during checkout processes.
• Security: Utilizing open banking standards, Volt implements strong security measures to protect sensitive financial data. This minimizes risks associated with fraud and data breaches.
• User Experience: With a focus on optimizing payment flows, Volt enhances the overall user experience, making it easier for consumers to complete transactions without unnecessary friction.
• Regulatory Compliance: As a regulated entity in the UK, Volt adheres to the stringent requirements set by the Financial Conduct Authority (FCA), ensuring that it meets high standards of consumer protection and operational integrity.

Businesses using Corefy can simply obtain a MID from Volt and connect it to Corefy’s dashboard in a few clicks, without dealing with any integration work.

Is Volt trustworthy?

Volt is fully authorized and regulated by the Financial Conduct Authority (FCA) in the UK, enabling it to operate as a Payment Initiation Service Provider (PISP). This regulatory status mandates that Volt adheres to strict compliance and security protocols, including customer data protection and financial transaction standards, ensuring trustworthiness in its operations.

The company employs industry-standard encryption and fraud detection measures to safeguard user transactions and personal information. All transactions facilitated through Volt are carried out under a secure environment, reinforcing the safety of bank account integration and payments.