Volt is the next Fintech to be approved by the UK Financial Conduct Authority (FCA) to be approved as an E-money service provider. Currently, Volt provides real-time payments. Frequently, once a platform is an E-money institution (EMI) they may offer additional financial services.
Volt states that its new licence will enable it to evolve its cash management product, Connect, from which virtual accounts will now be issued to merchants. These accounts can receive account-to-account payments from merchants’ customers and provide real-time payment confirmation.
The EMI licence will also enable Volt to offer virtual accounts as a standalone product which are expected to be available soon.
Company states that its merchant customers will now able to seamlessly track the status of payments.
Volt CEO Tom Greenwood says the UK and Europe are vital markets for their business and the EMI license will help them go even further in expanding their services.
“By becoming an account provider as well as a payment initiator, it enables us to not only broaden our product set, but also adapt and enhance our broad commercial offering. We have already seen a number of our key customers benefiting from the capabilities the licence brings.”
Founded in 2019, Volt currentl works with accounts held at more than 5,000 banks in the UK, the EU and Brazil.
