Shopify, the leading global commerce company, has approved real-time payments gateway Volt as a global open banking partner.
From today, merchants across Europe, the UK and Brazil that have integrated Shopify can offer Volt’s ‘Pay by Bank’ solution at checkout, enabling their customers to initiate real-time account-to-account payments – with funds settling near instantly. The solution will be made available to Shopify merchants in additional countries over the coming months, starting with Australia in Q4 2023.
Shopify, which has millions of active merchants across 175 countries, and which has processed $700bn in sales since launching in 2006, began seeking open banking partners amidst growing demand from merchants for faster, safer and more cost-effective payments.
Data from Juniper Research underlines the importance of selecting the right partner, with it predicting the value of global open banking payments to increase from $57bn in 2023 to $330bn in 2027.
Commenting on the partnership, Ritu Khanna, Vice President of Global Partnerships at Shopify says : “Volt stood out as an open banking payments provider owing to its infrastructure, the ease by which merchants can integrate its checkout, and its proven track record in the field. We’re pleased to offer Volt’s ‘Pay by Bank’ option to our merchants at this global moment of change for payments, and we look forward to them – and their customers – realising the benefits of open banking and account-to-account technology.”
Matt Komorowski, Volt’s Chief Revenue Officer, says: “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.”
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