Volt, an open payments gateway, revealed on Wednesday (April 28, 2021) that it has developed new cash management functionality. It offers merchants and payment service providers with full visibility of Open Banking payments made via the UK’s Faster Payments Service and the European SEPA Credit Transfer and SEPA Instant Credit Transfer schemes.
Currently available in the United Kingdom, and also across Europe by the end of next month, Volt Connect has been designed to give merchants more control of their cash by allowing them to keep track of multi-currency PSD2 payments from the point of initiation to the moment of arrival in their accounts. Automatic reconciliation and reporting offer recipients with instant notification of transaction settlement, enabling them to credit the intended customer account a lot faster and in a reliable manner.
Tom Greenwood, CEO at Volt, stated:
“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.”
Greenwood added:
“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 Connect adds to the existing functionality that’s available via Volt’s open payments gateway, which offers connectivity to Open Banking by standardizing the PSD2 payment initiation API to a single point of access.
Volt provides several different paths for payments between accounts at over 4,500 UK-based banks and also across Europe, effectively eliminating single points of failure and enhancing conversion rates by streamling the payment routing process with advanced machine learning algorithms.