Volt, a real-time payments platform, has obtained an Electronic Money Institution (EMI) license from the UK’s Financial Conduct Authority (FCA).
The licence will allow Volt to enhance its cash management product, Connect, by issuing virtual accounts to merchants.
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These accounts facilitate real-time account-to-account payments from merchants’ customers, providing immediate payment confirmation and enhanced control over the payment life cycle.
Volt can now offer virtual accounts as a stand-alone product, catering to enterprises that need fund management without requiring payment initiation functionality at the checkout.
This development addresses challenges highlighted in a 2023 survey where 50% of UK businesses cited a lack of control and visibility in payment processing. Volt’s EMI licence enables merchants to track payment status.
Tom Greenwood, Volt’s CEO, sees the licence as a means to expand the company’s product set and enhance its commercial offering.
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By GlobalData“The UK and Europe are integral markets for our business, and I am delighted we have been granted our EMI licence from the FCA,” Greenwood said.
“By becoming an account provider in addition to a payment initiator, we can expand our product set and enhance our broad commercial offering. Several key customers have already experienced the benefits this licence brings,” he added.
Volt has recently experienced significant growth, hiring its first chief marketing officer and expanding into Australia.
