IFX Payments announced today that the company has collaborated with Volt to integrate IFX Payments’ virtual IBANs with Volt Connect. The new partnership will support the UK and EU-based merchants through virtual IBANs to realize the full potential of open payments.
The official press release shared with Finance Magnates states that the joint solution will provide the ability to initiate refunds and payouts as well as offering highly competitive treasury and FX rates. The company termed the latest partnership as a significant development for the growth of open banking payments.
Founded in 2005, IFX Payments provides FX solutions to private as well as corporate clients. The company has offices in London, Australia, Dubai and Warsaw.
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Commenting on the recent announcement, Will Marwick, CEO at IFX Payments, said: “Our ongoing aim is to make cross-border payments seamless and stress-free for all our clients. By offering virtual IBANs to Volt customers, we take away the laborious requirement of reconciliation and give merchants the confidence of complete transparency of payment journeys. Volt is pioneering the new market standard for PISP services, and the combination of our two bespoke technologies creates the perfect holistic solution.”
Volt is one of the fastest-growing payments companies in the world. Through the latest collaboration, IFX Payments and Volt are planning to grow the open banking payments ecosystem. “I’m absolutely delighted to be working with our friends at IFX Payments to launch this market-leading functionality through our joint solution. This represents a game-changer for open payments, enabling real-time visibility of the full payments value chain,” Tom Greenwood, the Volt CEO, mentioned in the press release.
“This integration between IFX Payments’ virtual IBANs with Volt Connect, for the UK and EU-based merchants, is a significant development for open banking payments as until now, open banking payments did not provide transparency of payment flows, nor the breadth of functionalities that merchants and their payments teams need,” the company added.