Volt, a leading global real-time payments platform, has recently obtained an Electronic Money Institution (EMI) license from the Financial Conduct Authority (FCA) in the United Kingdom.
This EMI license will allow Volt to enhance its cash management product, Connect, by issuing virtual accounts to merchants. These accounts will receive account-to-account payments from customers of the merchants, providing real-time payment confirmation and giving merchants better visibility and control throughout the payment process.
Additionally, Volt will now be able to offer virtual accounts as a standalone product. These accounts will cater to enterprises that require efficient fund management and complex reconciliation processes, particularly those that do not need payment initiation functionality at the checkout. For instance, global online travel agents that need to make bulk payouts to local suppliers in various jurisdictions can benefit from these accounts.
Research conducted by business payment solutions provider Bottomline in 2023 revealed that 50% of businesses in Great Britain struggle with insufficient control over payment processing and a lack of payment visibility. With Volt’s new capabilities, merchants can now easily track the status of payments, pinpointing any challenges or delays that may occur with traditional bank transfers.
Tom Greenwood, the CEO of Volt, expressed his excitement about the EMI license, emphasizing the opportunities it brings for expanding the business’s product offerings and commercial capabilities. Several key customers have already started benefiting from the license’s features.
This milestone for Volt comes during a period of significant growth for the company. With the recent appointment of Irina Chuchkina as the Chief Marketing Officer, Volt aims to drive a global marketing strategy and enhance its brand presence. Furthermore, Volt’s expansion into new territories, such as Australia, signals its commitment to extending its reach and services worldwide.
