Real-time payments gateway Volt has announced that it was approved by global commerce company Shopify as a global Open Banking partner. Following this announcement, Europe-, UK-, and Brazil-based merchants that have integrated Shopify are able to provide Volt’s ‘Pay by Bank’ solution at checkout, enabling their customers to initiate real-time account-to-account (A2A) payments – with funds settling almost instantly.

Open Banking payments and Volt – Shopify collaboration details Based on the information provided in the press release, the solution is set to be made available to Shopify merchants in additional countries in the months to come, starting with Australia in Q4 2023. Since launching in 2006, Shopify has gained millions of active merchants across 175 countries and has processed USD 700 billion in sales. Following merchants’ growing demand for increasingly fast, safe, and cost-effective payments, the company began seeking Open Banking partners.

What is more, as per the announcement, Juniper Research data highlights the importance of choosing the appropriate partner, as it predicts the value of global Open Banking payments to increase from USD 57 billion in 2023 to USD 330 billion in 2027. When commenting on the collaboration, Ritu Khanna, Vice President of Global Partnerships at Shopify advised that Volt stood out as an Open Banking payments provider due to its infrastructure, the simplicity by which merchants can integrate its checkout, together with its proven track record in the industry. The spokesperson added that the company is looking towards providing merchants with Volt’s ‘Pay by Bank’ option at a moment when payments are changing globally, and seeing how they and their customers alike realise the benefits associated with Open Banking and account-to-account technology.

Adding on this, Matt Komorowski, Volt’s Chief Revenue Officer said that they are looking forward to their collaboration with Shopify, as they’re aligned in their goal of improving commerce for everyone, with real-time account-to-account payments thought to be representative of real progress in this regard. Per their statement, Open Banking is experiencing expedited growth worldwide as it is more fast, easy, and more secure when compared to incumbent payment methods – a digital solution for the digital age that Volt assisted in bringing forth to Shopify’s extensive merchant base. Volt’s recent developments Within 2023, Volt’s strategy showcased a predilection for the expansion of Open Banking, with the company announcing numerous collaborations in this regard.

In June, apart from the newly announced Shopify integration, it made public a separate one with white-label account-to-account (A2A) payment company SEPAexpress which sought to add Open Banking payments to its product portfolio and one with Worldpay from FIS. April saw the company partner with Shoplazza to enable its merchants to accept cross-border Open Banking payments in the EU, the UK, and Brazil. The announcement was proceeded by the March news of crypto exchange Coinmama which cooperated with Volt to support real-time crypto payments in Europe and Brazil.

Additionally, at the end of February, cross-border payments provider Tazapay added Open Banking to its payment offerings, supported by the real-time payments gateway. For more information about Volt, please check out their detailed profile in our dedicated, industry-specific Company Database. .