The collaboration will allow Tazapay's clients to extend and increase their cross-border sales, particularly for APAC and MENA merchants wishing to expand and increase sales in the UK and Europe.
Volt's real-time reconciliation capabilities enable organisations to follow payments from inception to receipt, providing complete visibility of the payment value chain through data-driven insights and analytics. Tazapay will also use Volt's fraud protection technology to identify and stop any questionable payments using a configurable scoring system.
This strategic relationship with Volt, an Open Banking and real-time payments provider, enables Tazapay to expand throughout the UK and Europe and will be expanded further by enabling Open Banking payments in Brazil later in 2023. Volt secures transactions between approximately 5,000 institutions in the UK, Europe, and Brazil, representing over 680 million accounts.
Volt is constructing the world's infrastructure for real-time payments. Its network of networks connects the world's account-to-account payment systems, allowing businesses all over the world to accept real-time, account-based payments from customers.
Tazapay presently serves over 2,000 businesses in over 30 marketplaces. The firm offers a full-stack payment solution that incorporates local payment options, cards from across the world, as well as buyer and seller protection. For card coverage, the organisation has a global network of more than 170 countries and 85 markets for local payment collection coverage.
Tazapay has just completed a USD 16.9 million Series A financing round led by Sequoia Capital Southeast Asia, as well as acquired in-principle approval for a major payment institution (MPI) licence from the Monetary Authority of Singapore (MAS).
Furthermore, in May 2022, it partnered with IndiaMART to provide Indian exporters with a customised payment solution for B2B trading. The collaboration enables B2B exporters to gain exposure in economic markets such as Southeast Asia, the US, the UK, the European Union, and others. Merchants will be able to interact with overseas clients as if they were locals, in addition to offering local payment options such as local bank transfers, credit cards, and QR code payments, similar to UPI, for buyers and sellers.
Open Banking is gaining enormous ground in payments throughout the world. The value of Open Banking-powered payments exceeded USD 4 billion in 2021 and is predicted to hit USD 330 billion by 2027. Nearly 60 countries have or are contemplating implementing Open Banking frameworks, and Volt is constructing the global infrastructure to connect these domestic systems globally through a single point of integration (API).
With the introduction of Open Banking and the maturation of real-time payment networks such as Singapore's PayNow service and India's UPI, companies and end users have increased their expectations for payments to be made in real-time.
The adoption of Open Banking payments continues to accelerate across the payments value chain, with several of the world's top payment providers, gateways, and acquirers ready to deploy Open Banking capabilities in the UK and Europe.
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