Volt, the global real-time payments platform, has achieved a
milestone by securing an Electronic Money Institution (EMI) licence from the
Financial Conduct Authority (FCA) in the United Kingdom.
This newly acquired licence empowers Volt to advance its
cash management product, Connect. Under this development, virtual accounts will
be issued to merchants, facilitating account-to-account payments from customers
in real-time. This feature will provide merchants with enhanced visibility and
control throughout the payment process.
Tom Greenwood, CEO of Volt, Source: LinkedIn
Tom Greenwood, the CEO of Volt, expressed his satisfaction
with the achievement: “The UK and Europe are integral markets for our
business so I am delighted we have been granted our EMI licence from the
FCA.” Greenwood emphasized the potential for Volt to broaden its product
range and enhance its commercial offering by becoming an account provider in
addition to a payment initiator.
Furthermore, the EMI licence enables Volt to offer virtual
accounts as a standalone product. Expected to launch imminently, these accounts
will cater to enterprises requiring robust fund management and streamlined
reconciliation processes. Notably, such functionality will be particularly
beneficial for global online travel agents seeking to initiate bulk payouts to local
suppliers across different jurisdictions.
Addressing Payment Challenges and Enhancing Visibility
for UK Businesses
Research conducted by Bottomline, a business payment solutions
provider, in 2023 highlighted that 50% of businesses in Great Britain cited
insufficient control over payment processing and a lack of payment visibility
as their primary challenges. With Volt’s merchants now equipped to seamlessly
track payment statuses, capabilities not commonly available with traditional
bank transfers, they can promptly identify and address any issues or delays that
may arise.
The acquisition of the EMI licence aligns with
Volt’s growth trajectory. Recently, the company appointed its inaugural
Chief Marketing Officer, Irina Chuchkina, to spearhead a global marketing
strategy and bolster its brand presence. Moreover, Volt has announced its
expansion into new territories with its launch in Australia, underscoring its
focus to serving a broader customer base.
Volt, the global real-time payments platform, has achieved a
milestone by securing an Electronic Money Institution (EMI) licence from the
Financial Conduct Authority (FCA) in the United Kingdom.
This newly acquired licence empowers Volt to advance its
cash management product, Connect. Under this development, virtual accounts will
be issued to merchants, facilitating account-to-account payments from customers
in real-time. This feature will provide merchants with enhanced visibility and
control throughout the payment process.
Tom Greenwood, CEO of Volt, Source: LinkedIn
Tom Greenwood, the CEO of Volt, expressed his satisfaction
with the achievement: “The UK and Europe are integral markets for our
business so I am delighted we have been granted our EMI licence from the
FCA.” Greenwood emphasized the potential for Volt to broaden its product
range and enhance its commercial offering by becoming an account provider in
addition to a payment initiator.
Furthermore, the EMI licence enables Volt to offer virtual
accounts as a standalone product. Expected to launch imminently, these accounts
will cater to enterprises requiring robust fund management and streamlined
reconciliation processes. Notably, such functionality will be particularly
beneficial for global online travel agents seeking to initiate bulk payouts to local
suppliers across different jurisdictions.
Addressing Payment Challenges and Enhancing Visibility
for UK Businesses
Research conducted by Bottomline, a business payment solutions
provider, in 2023 highlighted that 50% of businesses in Great Britain cited
insufficient control over payment processing and a lack of payment visibility
as their primary challenges. With Volt’s merchants now equipped to seamlessly
track payment statuses, capabilities not commonly available with traditional
bank transfers, they can promptly identify and address any issues or delays that
may arise.
The acquisition of the EMI licence aligns with
Volt’s growth trajectory. Recently, the company appointed its inaugural
Chief Marketing Officer, Irina Chuchkina, to spearhead a global marketing
strategy and bolster its brand presence. Moreover, Volt has announced its
expansion into new territories with its launch in Australia, underscoring its
focus to serving a broader customer base.
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- Source: https://www.financemagnates.com//fintech/fca-grants-uk-emi-licence-to-volt-for-global-payment-expansion/
