Volt launches bank account authentication service

Thursday 23 June 2022 14:46 CET | News

Volt, a UK-based Open Banking provider, has launched Verify, a bank account authentication service for online merchants and businesses. 

Volt is launching Verify simultaneously in the UK and five key European markets: Ireland, France, the Netherlands, Germany, and Austria. The fintech powerhouse plans further rollout of the product across additional European markets before the end of 2022.

The launch marks Volt’s capability to cover AIS alongside PIS, which sees the payments gateway now covering the full spectrum of Open Banking services in Europe.

The new product automates, improves, and simplifies how businesses across markets and sectors verify customer bank account ownership. Merchants and businesses will be able to ensure a frictionless user experience at checkout to their customers, while strengthening their fraud prevention and regulatory compliance defences.

Verify enables them to securely access customers’ bank accounts prior to payment initiation, to confirm users’ full name, bank account number and, where available, account balance.

Key use cases for Verify include open loop payments, direct debit mandates (where account authentication is critical to minimise failed payments), and user profiles (aggregated accounts information enables users to get faster payment or finance management processes).

With the launch of Verify, Volt now spans the entire spectrum of Open Banking capabilities, covering both AIS (Account Information Services) and PIS (Payment Initiation Services). 

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Keywords: Open Banking, product launch, online authentication, bank account, merchant
Categories: Fraud & Financial Crime
Companies: Volt
Countries: United Kingdom
This article is part of category

Fraud & Financial Crime


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