This development coincides with a resurgence in the UK's car market, which saw a significant rise in sales in 2023, marking the highest figures since the onset of the Covid-19 pandemic. Notably, the used car sector witnessed a 5.5% increase in sales in the third quarter of 2023 compared to the previous year. This upturn has positively impacted Volt and Bumper's transaction volumes, with the integration, launched in January 2024, facilitating over £3 million in payments within the UK, including complete car purchases through Volt.

Volt enhances Bumper's 'Pay Now' feature, enabling efficient transaction processes for automotive expenses, with dealers benefiting from immediate payment settlements and real-time tracking. The partnership further modernises the payment experience in dealerships by incorporating mobile-first checkout flows and pay-by-link capabilities.

The collaboration effectively addresses traditional bottlenecks faced by dealerships, such as delayed payment settlements. Instant payment processing enables dealerships to better manage their cash flow and inventory, while minimising the risks associated with delayed payments or system errors. Initially available in the UK, Volt's integration aims to support Bumper's expansion across Europe in the near future.

Volt and Bumper's joint efforts highlight the consumer readiness and satisfaction with open banking payments, underscoring the technology's role in promoting safer transactions and supporting the widespread adoption of open banking in the UK. The partnership extends open banking payment options to customers at over 5,000 dealerships across the UK, involving major global automotive brands such as Audi, Ford, Porsche, and Volkswagen.

Commenting on the news, Richard Drury, VP of Partnerships at Volt, said: “For car dealerships, the payments process has been a major challenge and our solution is a real asset in alleviating those challenges many dealership owners are facing today. We’ve created a perfect solution for Bumper, with the initial results and quick adoption proving that it resonates with both buyers and sellers. There’s huge potential for real-time payments to take off in the automotive industry, so this partnership was a no-brainer for Volt.”

Jack Allman, CCO and Co-Founder at Bumper, added: "The move to Volt as Bumper's Open Banking payment provider will have a huge impact on functionality for our partnered dealerships and their customers, providing them with a frictionless account-to-account payment experience.

"This new partnership enhances our open banking infrastructure with increased functionality including settlement accounts, real-time notifications and refunds. These developments will increase operational efficiency and automation across all users, whether they work in accounts, sales or service. Additionally, Volt’s global payment network facilitates Bumper to roll out our Open Banking product across Europe in the near future. We're incredibly excited to have launched this next phase of our Open Banking platform and can't wait to see the increased value this new iteration will bring to our partners."

Having announced partnerships with Shopify and Worldpay last year, working with Bumper marks another step in Volt’s growth journey, which includes a successful Series B funding round and Australia expansion in 2023. Meanwhile, Bumper has started 2024 on a high, raising £40m in its own Series B funding round, fuelling plans to launch in more European countries this year, which Volt’s global payments network will help facilitate.