Volt receives EMI licence from UK regulator

Global real-time payments platform Volt has been granted an Electronic Money Institution (EMI) licence by the UK’s Financial Conduct Authority (FCA).

The licence will enable Volt’s cash management product, Connect, to issue virtual accounts to merchants.

With the ability to receive account-to-account payments from merchants’ customers and provide real-time payment confirmation, Volt’s virtual accounts will give merchants enhanced visibility and control over the payment lifecycle – addressing the top challenges faced by businesses in executing payments.

This innovation comes at a time when 50% of businesses in Great Britain cited lack of payment visibility and control as their main obstacles, according to research by business payment solutions provider Bottomline, published last year.

The EMI licence will also allow Volt to offer virtual accounts as a standalone product, catering to enterprises that require fund management and complex reconciliation processes but which do not necessarily need payment initiation functionality at the checkout. For instance, global online travel agents can use these accounts to initiate bulk payouts to suppliers in different jurisdictions.

Tom Greenwood, chief executive officer of Volt, said: “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.”

Furthermore, Volt’s recent strategic hires, such as the appointment of its first chief marketing officer, Irina Chuchkina, underscore the company’s commitment to driving global marketing initiatives and growing its brand.

Volt’s expansion into new territories, including the recent launch in Australia, further solidifies its position in the Open Banking space.