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Xolvis integrates Volt's Open Banking method into online payment solution

Friday 3 February 2023 12:57 CET | News

Germany-based software developer Xolvis has announced integrating UK-based payment network Volt’s payment method into its online payment gateway. 

Xolvis aims to digitise the entire aftersales business of garages in the automotive, bike, and aviation sectors and now wants to enable its users to offer their customers a secure shopping experience. This means that workshop companies now have access to Europe's leading Open Banking platform, which connects more than 5000 banks.

 

Aim of the partnership

The goal is for companies to no longer depend on the online banking of individual banks. Instead, they can receive direct account-to-account payments via Open Banking in real-time. The service is currently available in Europe and Brazil, with new regions being added regularly. The method ensures that all transactions are executed immediately. and offers control for businesses, as successful payments are immediately visible and confirmed.

 

Shift towards Open Banking payments

According to a Volt representative, Open Banking payments are replacing traditional payment methods like cards or manual bank transfers that are designed for face-to-face interactions, and are faster for users. They also provide better protection against fraud and are more cost-effective for companies compared to other solutions. The Volt representative also stated that they will be supporting Xolvis to support their business growth and provide their customers with easy payments and more payment flexibility.

Xolvis Pay’s offer

Xolvis acts as a digital solution suite for car dealerships and service. The company is a digitization and online payment specialist with a focus on the automotive industry. Xolvis Pay is the company’s fully integrated point-of-sale solution with plug and play terminals. The goal of this specific solution is to boost users’ conversion rate with the holistic payment solution for POS and ecommerce.

Xolvis integrates Volt's open banking method into online payment solution

The plug-and-play terminals are delivered fully configured and ready for processing. Xolvis Pay also offers multiple terminals available, from easy to complex, starting with the basic app that features credit card payments via NFC, a terminal including keyboard, a terminal including touchscreen, and a terminal supporting digital signature on a touchscreen. The solution features payment flows such as card authentication, money capture, and stagging.

 

Xolvis Pay for ecommerce

The company also offers features specifically for ecommerce, for example, the Card Vault provides an independent means of storing and tokenising customers’ payment data. With Xolvis’ smart routing engine users can define various flow strategies for their payment transactions. This allows them to forward each individual transaction to the best-suited payment service provider and thus increase conversions and reduce transaction fees. This routing based on card data, customer data, geographic parameters, and currencies. The Xolvis Pay monitoring delivers all relevant KPIs, such as data exportable to BI and a customisable dashboard.


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Keywords: partnership, Open Banking, Open Banking payments, payment processing, banking
Categories: Banking & Fintech
Companies: Volt, Xolvis
Countries: Germany, United Kingdom
This article is part of category

Banking & Fintech

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Volt

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Xolvis

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