Volt works with ClearBank to evolve merchant account capabilities
Source: Headland Consultancy
Volt, the real-time, rail-agnostic money movement platform, announces its new strategic partnership with ClearBank, the enabler of real-time clearing and embedded banking.
The collaboration enables Volt to offer critical enhancements to its account-based cash management capabilities, in the UK and Europe, moving Open Banking payments a step closer to realising their full operational potential.
Volt now offers ClearBank-powered EUR and GBP payment accounts, virtual IBANs and named accounts to enterprise merchants and PSPs using its real-time, bank-direct payment initiation services. This enables businesses to track every stage of the payment value chain, automate reconciliations, and initiate payouts and refunds.
Steffen Vollert, Volt’s co-founder and chief executive officer
These capabilities, previously unavailable to global merchants using real-time payments at scale, enhance Open Banking by adding essential features beyond payment initiation, such as payouts, refunds, user-level fund attribution, and full lifecycle management. In turn, they bring Open Banking payments a step closer to achieving feature parity with cards.
Commenting on the partnership, Steffen Vollert, Volt’s co-founder and chief executive officer, said: “We’re truly excited to be partnering with ClearBank on the evolution of our accounts capabilities.
“Meeting the complex money management and movement needs of merchants, at scale, is our joint ambition. Changing the game through innovation – and the relentless pursuit of a best-in-class real-time payment infrastructure and shopper experience – ultimately unlocks the full potential of account-to-account payments; not only in Europe, but globally.”
John Salter, chief customer officer at ClearBank, added: “We’re proud to provide the trusted, cloud-native banking infrastructure that enables innovative providers like Volt to deliver new value to their customers.
“Our purpose-built platform enables Volt, across the UK and Europe, to deliver next-generation payment solutions and seamless customer experiences, while we focus on delivering the resilience, scalability, and regulatory excellence that underpin their growth. Together, we’re driving the future of financial services, setting new standards for innovation and reliability.”
Further reading: ClearBank and Ozone API team up to drive global Open Banking