Worldpay has partnered with Volt to provide merchants with account to account based payments. In a recent announcement, the two companies revealed that they are teaming up to bring open banking to merchants around the world. This partnership will give merchants access to a wide range of open banking features, including:
- Account-to-account (A2A) payments: A2A payments allow customers to make payments directly from their bank accounts to a merchant's account. This is a fast, secure, and convenient way to pay for goods and services.
- Real-time payments: Real-time payments settle instantly, which can help businesses improve their cash flow.
- Fraud detection: Open banking data can be used to improve fraud detection and prevent fraudulent transactions.
- Personalized financial services: Open banking data can be used to provide personalized financial services to customers, such as tailored lending options or investment advice.
“We’re delighted to be working with Worldpay to give merchants access to our open banking payments infrastructure,” said Volt Founder and CEO Tom Greenwood. “Real-time account-to-account payments are experiencing hockey-stick growth around the world. This partnership will help merchants capitalize on that growth by providing them with a standardized, scalable solution that improves user experience and drives conversion.”
This partnership between Worldpay from FIS and Volt is a major step forward for the open banking industry. It will give merchants around the world access to the latest open banking technology and help them improve their payment processing.
“Our strategic collaboration with Volt comes at an exciting time as open banking adoption gathers pace, revolutionizing payments across the globe” said Sudev Balakrishnan, Chief Product Officer Worldpay from FIS. “Volt are a best-in-class technology provider with deep expertise in this space. Working together, combining their knowledge with our scale, we will be able to open up pay by bank opportunities for our merchants and potentially allow them to take advantage of this growing market by embracing A2A payments with a single solution”.
Benefits of Open Banking for Businesses
There are many benefits of open banking for businesses, including:
- Reduced costs: Open banking can help businesses reduce their payment processing costs. This is because open banking eliminates the need for intermediaries, such as credit card companies.
- Improved customer experience: Open banking can improve the customer experience by making it easier and faster for customers to make payments. This can lead to increased sales and customer satisfaction.
- Increased security: Open banking can help businesses improve their security by providing them with access to real-time fraud detection data. This data can be used to identify and prevent fraudulent transactions.
- New opportunities: Open banking can open up new opportunities for businesses by providing them with access to new markets and customers. For example, businesses can use open banking to offer cross-border payments or to provide financial services to customers who do not have a bank account.
To set up open banking for businesses with Worldpay and Volt, merchants need to follow these steps:
- Apply for a Worldpay merchant account. Worldpay is a payment processor that allows merchants to accept payments from customers. To apply for a Worldpay merchant account, merchants will need to provide information about their business. You can signup via Growpay, the world's first merchant-centric payments marketplace.
- Sign up for Volt's open banking service. Volt is a company that provides open banking services to merchants. To sign up for Volt's open banking service, merchants will need to provide information about their Worldpay merchant account. They will also need to provide information about their bank, such as their bank's name and routing number.
- Enable open banking payments on their Worldpay merchant account. Once merchants have signed up for Volt's open banking service, they need to enable open banking payments on their Worldpay merchant account. To do this, they will need to log into their Worldpay account and go to the "Settings" tab. Under the "Payments" section, they will need to select "Open Banking" and then click on the "Enable" button.
- Configure their Volt open banking settings. Once merchants have enabled open banking payments on their Worldpay merchant account, they need to configure their Volt open banking settings. To do this, they will need to log into their Volt account and go to the "Settings" tab. Under the "Open Banking" section, they will need to enter their bank's credentials and then click on the "Save" button.
- Start accepting open banking payments. Once merchants have configured their Volt open banking settings, they can start accepting open banking payments. To do this, they will need to add a "Pay with Bank" button to their checkout page. This button will allow customers to pay for their purchases using their bank account information.
Here are some of the benefits of using open banking for businesses:
- Increased customer convenience. Open banking payments allow customers to pay for their purchases using their bank account information. This can be more convenient for customers than using a credit card or debit card.
- Reduced fraud risk. Open banking payments are less susceptible to fraud than other payment methods. This is because customers need to provide their bank's credentials to make a payment.
- Improved customer data insights. Open banking payments can provide merchants with insights into their customers' spending habits. This information can be used to improve marketing campaigns and product offerings.
