Volt launches Open Banking checkout solution

Volt has launched a new product designed to help merchants save on debit card fees by offering customers a seamless switch to an Open Banking payment after selecting to pay with a debit card at checkout.

The product, called Transformer, uses bank identification lookup technology and prompts customers to pay in real time directly from their bank accounts.

After entering the six-to-eight-digit bank identification number (BIN), Transformer provides an API endpoint telling the merchant ‘BIN…belongs to bank X’.

If customers want to make an Open Banking payment, a prompt forwards them to their bank’s app where they are asked to authenticate the payment using their bank’s login credentials.

The Open Banking provider said that merchants benefit from real-time settlements and smaller transaction fees, as well as improved customer loyalty.

According to Volt, once a customer has been introduced to making payments with an Open Banking solution, they are 60 per cent more likely to repeat this behaviour at checkout in future.

Volt’s open payments product currently enables merchants to process transactions between accounts held at more than 5,000 banks in the UK, EU, and Brazil.

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