UK-based payments platform Volt has joined forces with Farfetch to bring the capabilities of Open Banking to the latter’s customers and allow them to conduct instant payments directly from their bank accounts. Serving customers across the UK, Germany, and the Netherlands, the agreement between Farfetch and Volt, which operates as the real-time payment partner to the former, is set to allow users to conduct instant payments directly from their bank accounts.

Through this real-time payment integration, Farfetch customers can complete payments by choosing Pay by Bank at checkout, selecting their financial institution, and approving the payment in their banking app via biometric authentication. By delivering this payment solution at checkout, the two companies intend to optimise the purchase experience and accelerate the settlement process, as real-time payments are conducted through domestic instant rails, allowing immediate fund transfers. Also, Pay by Bank works towards mitigating chargebacks and minimising card fraud risks, in addition to card processing fees being lifted. Volt’s Pay by Bank and how it will benefit Farfetch’s users With Volt’s Pay by Bank available on Farfetch’s website, as well as on Brown Fashion, the decision to choose the firm as a partner can be attributed to its global approach and geographic coverage, together with its bank connectivity and simplified payment experience.

When commenting on the announcement, representatives from Volt underlined that real-time payments can potentially augment the customer experience, reduce costs, and increase security for the retail sector. Considering its commitment to quality service and optimised buyer experience, Farfetch's collaboration with Volt aims to further assist achieving its objectives and upholding this standard. At the same time, officials from Farfetch mentioned that the collaboration with Volt is set to equip their company’s customers with secure and simplified additional payment options that improve the online purchasing experience. As a global marketplace for the luxury fashion industry, Farfetch connects customers in nearly 190 countries and territories with items from over 50 regions and more than 1,400 brands, boutiques, and department stores.

Back in June 2022, the company also announced its plans to enable cryptocurrency payments on its private clients buying on its website. At that time, the firm intended to deliver this payment method to users across the US, UK, and Europe starting at the end of the year, with plans to expand to other countries. Initially, Farfetch aimed to accept seven cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB), among others.

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