Volt has successfully obtained an Electronic Money Institution (EMI) license from the UK’s Financial Conduct Authority (FCA).
The approval allows the digital payments provider to upgrade its cash management offerings, particularly its Connect product, which will now provide virtual accounts to merchants. These accounts will facilitate account-to-account payments from customers and offer real-time payment confirmation, providing merchants with improved visibility and control over the payment process.
The EMI license will also enable Volt to offer virtual accounts as a standalone product, which will be particularly beneficial for enterprises that require efficient fund management and reconciliation processes. For instance, global online travel agents can use these accounts to initiate bulk payouts to local suppliers in different jurisdictions.
Volt CEO Tom Greenwood comments: “The UK and Europe are integral markets for our business so I am delighted we have been granted our EMI licence from the FCA. With this licence, we can go even further in expanding our business. Becoming an account provider as well as a payment initiator 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.”
Volt’s expansion into the UK market comes after its successful launch in Australia last year. The company aims to address the challenges faced by businesses in managing payments, such as limited control and lack of visibility. With Volt’s solutions, merchants can track payments more effectively, identify potential issues, and improve their overall banking experience.
A 2023 study by Bottomline, a business payment solutions provider, highlighted that a pain point for 50% of British businesses was a lack of control and visibility in payment processing. Volt’s move promises to ease these headaches, offering merchants a clearer window into payment statuses.
