Volt, the global real-time payments platform, has achieved a milestone by securing an Electronic Money Institution (EMI) licence from the Financial Conduct Authority (FCA) in the United Kingdom.

Expanded Offerings: Standalone Virtual Accounts

This newly acquired licence empowers Volt to advance its cash management product, Connect. Under this development, virtual accounts will be issued to merchants, facilitating account-to-account payments from customers in real-time. This feature will provide merchants with enhanced visibility and control throughout the payment process.

Tom Greenwood, the CEO of Volt, expressed his satisfaction with the achievement: “The UK and Europe are integral markets for our business so I am delighted we have been granted our EMI licence from the FCA." Greenwood emphasized the potential for Volt to broaden its product range and enhance its commercial offering by becoming an account provider in addition to a payment initiator.

Furthermore, the EMI licence enables Volt to offer virtual accounts as a standalone product. Expected to launch imminently, these accounts will cater to enterprises requiring robust fund management and streamlined reconciliation processes. Notably, such functionality will be particularly beneficial for global online travel agents seeking to initiate bulk payouts to local suppliers across different jurisdictions.

Addressing Payment Challenges and Enhancing Visibility for UK Businesses

Research conducted by Bottomline, a business payment solutions provider, in 2023 highlighted that 50% of businesses in Great Britain cited insufficient control over payment processing and a lack of payment visibility as their primary challenges. With Volt's merchants now equipped to seamlessly track payment statuses, capabilities not commonly available with traditional bank transfers, they can promptly identify and address any issues or delays that may arise.

The acquisition of the EMI licence aligns with Volt's growth trajectory. Recently, the company appointed its inaugural Chief Marketing Officer, Irina Chuchkina, to spearhead a global marketing strategy and bolster its brand presence. Moreover, Volt has announced its expansion into new territories with its launch in Australia, underscoring its focus to serving a broader customer base.