The collaboration leverages Open Banking technology to make payments increasingly simple for merchants and customers, enabling Primer’s customers' access to instant bank payments.
Instant bank payments and Primer – Volt partnership details
Following the tough economic climate in the UK, driven by high inflation and a cost-of-living crisis, a multitude of businesses have focused on looking at ways in which they can optimise costs. The collaboration is set to assist merchants during the market downturn by providing instant bank payment options (account-to-account) payments, leveraging Volt’s Open Banking network. This is set to enable merchants to benefit from reduced fees associated with traditional payment methods and will also provide them with expedited settlement. Due to this, funds will be available in a merchant’s accounts in a quicker manner, allowing them to reinvest or allocate resources as needed.
Per the press release information, having started in May, the technical integration with Volt allows merchants to accept real-time account-based payments via Primer’s platform. What is more, the collaboration seeks to alleviate pain points for merchants by bettering online checkout and in-store payment experiences for consumers and merchants alike, making use of advanced Open Banking technology.
One of Primer’s main objectives is to provide breadth and depth of payment services for global merchants to be able to adapt to the continuously changing needs of consumers. Within a few clicks, customers can add an instant payment option directly onto their checkout, enabling improved choice for their customers. Primer’s clients will be able to integrate Volt’s real-time payments network in the UK, EU, and Brazil and to provide the ‘Pay by Bank’ experience to their customers, while also benefiting from expedited settlements, decreased transaction fees, and no chargebacks.
When commenting on the collaboration, Gabriel Le Roux, CEO of Primer advised that the addition of Volt to Primer’s ecosystem showcases the latter’s commitment to global payment innovation and flexibility for merchants. Per their statement, Open Banking adoption is set to continue, as research highlights that 10-11% of digitally enabled consumers and small businesses leveraged Open Banking in December 2022, an increase from 9-10% in March 2022. As Open Banking payments are more sought after and the payment world evolves, it’s essential for merchants to be able to provide a multitude of different payment options, leveraging Open Banking technology to enable customers with increased choice when making payments. Per the official’s statement, Primer’s collaboration with Volt helps make this possible.
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