Volt launches new authentication service

UK-based FinTech Volt is launching a new bank account authentication service for online merchants and businesses.

The new offering, called Verify, is also simultaneously launching in Ireland, France, the Netherlands, Germany, and Austria.

Verify automates how businesses across markets and sectors verify customer bank account ownership.

The authentication service is designed to deliver a frictionless user experience at checkout while also boosting fraud prevention and regulatory compliance defences.

The new offering also enables merchants and businesses to access customers’ bank accounts prior to payment initiation -- confirming users’ full name, bank account number and, where available, account balance.

Volt said the launch marked their expanded capability to cover Account Information Services (AIS) alongside Payment Initiation Services (PIS), with the payments gateway now covering the full spectrum of Open Banking services currently available in Europe.

Aleksandra Petera, product owner, Verify at Volt, said: “Decreasing friction and preventing fraud are top of mind for companies operating in the digital economy.

“Verify delivers the simplicity customers want, the security both them and merchants need, and the scale across key European markets as a blueprint for a future of real-time payments everywhere.”

Volt has further plans to roll out the product across additional European markets before the end of the year.

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