MiFinity ‘plugs into’ Volt to launch instant bank transfers

Dublin-based e-wallet provider MiFinity has launched an instant bank transfer service, powered by Open Banking payments platform Volt.

MiFinity Instant Bank Transfer is available across multiple European countries.

Through the integration of Volt’s real-time account-to-account payment solution, MiFinity customers will be able to load funds into their e-wallet from their bank account in real time, rather than taking several business days.

MiFinity chief executive officer Paul Kavanagh said: “We’re excited to offer our customers the benefits of Open Banking with MiFinity Instant Bank Transfer.

“It allows us to deliver an even better user experience, making it easier for our global customers to transfer funds quickly and securely wherever they are located.”

He added: “The enhanced security and other opportunities that Open Banking presents will help us continue to deliver our best-in-class customer experience and provide MiFinity users with even more innovative services.”

MiFinity e-wallets can transact with any accepting merchant as customers have the ability to create multiple currency e-wallets in one account.

Thomas Pinter, SVP at Volt, said that by “plugging into” Volt’s Open Banking network, MiFinity can offer its global customers a “lightning-fast Open Banking payments experience”.

“We’re delighted to partner with MiFinity and support their vision to make payments simple, smart and secure – and now even faster,” Pinter added.

At Open Banking Expo UK in October 2022, Volt’s chief executive officer Tom Greenwood revealed its Australian expansion plans were tabled for the first quarter of 2023.

Last November, Volt formed a partnership with cryptocurrency exchange platform Kriptomat, whereby European customers of the platform are able to make real-time account-to-account payments to buy, sell and exchange cryptocurrencies.