Global real-time payments platform Volt has announced it has secured an Electronic Money Institution (EMI) licence from the UK’s Financial Conduct Authority (FCA).
Volt’s licence will enable it to evolve its cash management product, Connect, which enables virtual accounts to be issued to merchants. Accounts can receive account-to-account payments from merchants’ customers and provide real-time payment confirmation, giving merchants visibility and control across the payment lifecycle.
The EMI licence will also enable Volt to offer virtual accounts as a standalone product, expected to launch shortly.
The virtual accounts are designed to be suited to enterprises that need to manage funds, and complex reconciliation processes, but which don’t necessarily need payment initiation functionality at the checkout – for example, global online travel agents that need to initiate bulk payouts to local suppliers in different jurisdictions.
Tom Greenwood, CEO, Volt, commented: “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 are able to go even further in expanding our business.
“By becoming an account provider as well as a payment initiator, it 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.”
In 2023, research from business payment solutions provider Bottomline found 50% of businesses in the UK cited too little control over payment processing and a lack of payment visibility as the top challenges in executing payments.
Volt aims to address this issue to seamlessly track the status of payments – which is not available with traditional bank transfers – to identify when, why and where challenges or delays arise with the bank.
The EMI licence comes at a time of notable growth for Volt, which recently hired its first CMO, Irina Chuchkina, to help drive its global marketing strategy for the company and grow its brand. Volt also recently announced further expansion into new territories by launching in Australia.
