- Shopify has announced that it has approved the real-time payment gateway service Volt as a global open banking provider
- European and Brazil-based merchants are able to choose Volts “Pay By Bank” option at checkout, enabling funds to settle almost instantly
Shopify has partnered with real-time payments service Volt as a global open banking provider. A Volt option will be available at checkout and will allow transactions to be settled in Shopify merchant’s accounts near instantaneously.
The value of Volt for merchants will allow money to appear directly into their accounts from sales, meaning less of a risk of having to get into debt waiting for payments to approve, according to Volt. According to data from Juniper Research, it predicts the value of global open banking payments to increase from $57bn in 2023 to $330bn in 2027.
Of the partnership, Volt’s chief revenue officer Matt Komorowski said:
“We’re delighted to partner with Shopify, the leading global commerce company. We’re aligned in our ambition to make commerce better for everyone, and real-time account-to-account payments represent real progress in this regard. Open banking is experiencing hockey-stick growth around the world because it’s faster, easier, and more secure compared to incumbent payment methods. It’s a digital solution for the digital age, and we’re delighted to be bringing it to Shopify’s impressive merchant base.”
While the partnership certainly brings benefits to Shopify merchants, open banking has its own risks. Firstly, it allows a third-party company to make transactions on behalf of a bank. This does add extra points of failure in which customer data could be stolen, so securing your website is as important as ever.
Volt’s partnership is not available in the US, but Shopify and Volt both promise to bring it to more territories, starting with Australia in Q4.