The joint solution will provide UK and EU merchants with virtual IBANs to facilitate full open payments.
Volt Connect, which specialises in real-time payments technology, gives worldwide merchants the ability to receive direct, account-to-account payments from their customers. The company confirmed that the new partnership will enable it to:
- Complete visibility of open banking payment flows end-to-end
- Real-time reconciliation and settlement management
- The ability to initiate refunds and payouts
- Highly competitive treasury and FX rates.
EU and UK merchant visibility
In a statement released by Volt Connect, the fintech said the partnership will provide UK and EU-based merchants with complete visibility of open banking payment flow end-to-end and real-time reconciliation and settlement management.
The joint solution will also provide the ability to initiate refunds and payouts as well as offering highly competitive treasury and FX rates.
This integration between IFX Payments’ virtual IBANs with Volt Connect, for UK and EU-based merchants, is a significant development for open banking payments as until now, open banking payments did not provide transparency of payment flows, nor the breadth of functionalities that merchants and their payments teams need.
Speaking about the new collaboration, Will Marwick, CEO at IFX Payments, explained, “Our ongoing aim is to make cross-border payments seamless and stress-free for all our clients.” Marwick said that by offering virtual IBANs to Volt customers, the solution takes away the laborious requirement of reconciliation and gives merchants the confidence of complete transparency of payment journeys.
“Volt is pioneering the new market standard for PISP services, and the combination of our two bespoke technologies creates the perfect holistic solution,” he confirmed.
IFX Payments solutions
Founded in 2005, IFX Payments is one of the best-established fintech platforms in existence today. The company provides bespoke FX solutions to both corporate and private clients and has offices in London, Warsaw, Dubai, and Australia.
Reports suggest its success has been driven by its bespoke payments & FX technology aimed at managing risk, providing robust advice, and delivering effective global payment solutions.
Volt CEO Tom Greenwood said the joint venture had resulted in market-leading functionality. He added, “This represents a game-changer for open payments, enabling real-time visibility of the full payments value chain.”