Volt, a global real-time payments platform, has reached a significant milestone by obtaining an Electronic Money Institution (EMI) license from the Financial Conduct Authority (FCA) in the United Kingdom. This achievement allows Volt to enhance its cash management product, Connect, by issuing virtual accounts to merchants. These virtual accounts enable account-to-account payments from customers in real-time, providing merchants with improved visibility and control during the payment process.
Tom Greenwood, the CEO of Volt, expressed his excitement about this milestone, emphasizing the importance of the UK and Europe markets for the company. Greenwood highlighted the potential for Volt to expand its product range and improve its commercial offerings by transitioning into an account provider alongside a payment initiator.
Additionally, the EMI license enables Volt to offer virtual accounts as a standalone product, catering to enterprises in need of robust fund management and streamlined reconciliation processes. This functionality is particularly beneficial for global online travel agents looking to facilitate bulk payouts to local suppliers across various jurisdictions.
Research conducted by Bottomline in 2023 revealed that 50% of businesses in Great Britain face challenges related to insufficient control over payment processing and a lack of payment visibility. With Volt’s merchants equipped to track payment statuses seamlessly, they can quickly address any issues or delays that may arise, unlike traditional bank transfers.
Moreover, Volt’s acquisition of the EMI license aligns with its growth trajectory as the company continues to expand. With the appointment of Irina Chuchkina as the Chief Marketing Officer and the recent launch of Volt in Australia, the company aims to bolster its global marketing strategy and serve a broader customer base.
