This accreditation will facilitate the enhancement of Volt's cash management offering, Connect, through which it will now provide merchants with virtual accounts. These accounts will facilitate the reception of account-to-account payments from the merchants' customers and offer instant confirmation of payment. This feature ensures that merchants have comprehensive visibility and control throughout the payment process.

Furthermore, the EMI licence will allow Volt to market virtual accounts as an independent offering. Anticipated to be launched imminently, these accounts are particularly tailored for enterprises requiring effective fund management and sophisticated reconciliation processes without the necessity for payment initiation services at the point of sale. This is especially relevant for entities like global online travel agencies that need to conduct bulk payments to local vendors across various jurisdictions.

A 2023 study by Bottomline, a provider of business payment solutions, revealed that 50% of companies in Great Britain identified inadequate control over payment processing and insufficient visibility of payments as their primary challenges in managing transactions. With the introduction of Volt’s enhanced tracking capabilities, merchants are now equipped to monitor payment statuses in real-time, a feature not available through conventional bank transfers. This advancement enables them to pinpoint the timing, reasons, and locations of any obstacles or delays encountered with the banking system.

Tom Greenwood, CEO, Volt, comments: “The UK and Europe are integral markets for our business so I am delighted we have been granted our EMI licence from the FCA. With this licence we are able to go even further in expanding our business. By becoming an account provider as well as a payment initiator, it enables us to not only broaden our product set, but also adapt and enhance our broad commercial offering. We have already seen a number of our key customers benefiting from the capabilities the licence brings.” 

The EMI licence comes at a time of notable growth for Volt, which recently hired its first CMO, Irina Chuchkina, to help drive a global marketing strategy for the company and grow its brand. Volt also recently announced further expansion into new territories by launching in Australia.