The partnership will provide UK and EU-based merchants with complete visibility of open banking payment flows end-to-end and real-time reconciliation and settlement management. The joint solution will also provide the ability to initiate refunds and payouts as well as offering highly competitive treasury and FX rates.
This integration between IFX Payments’ virtual IBANs with Volt Connect, for UK and EU-based merchants, is a significant development for open banking payments as until now, open banking payments did not provide transparency of payment flows, nor the breadth of functionalities that merchants and their payments teams need.
IFX Payments was founded in 2005 to provide bespoke FX solutions to both corporate and private clients. With offices in London, Warsaw, Dubai and Australia, it’s success to date has been driven by its bespoke payments & FX technology aimed at managing risk, providing robust advice and delivering effective global payment solutions.
Will Marwick, CEO at IFX Payments, said: “Our ongoing aim is to make cross-border payments seamless and stress free for all our clients. By offering virtual IBANs to Volt customers, we take away the laborious requirement of reconciliation and give merchants the confidence of complete transparency of payment journeys.
“Volt is pioneering the new market standard for PISP services, and the combination of our two bespoke technologies creates the perfect holistic solution.”
Volt CEO Tom Greenwood added: “I’m absolutely delighted to be working with our friends at IFX Payments to launch this market-leading functionality through our joint solution.
“This represents a game changer for open payments, enabling real-time visibility of the full payments value chain.”
Volt is driving the real-time payments revolution. By connecting the world’s new-generation payments schemes, we give merchants across the globe the ability to receive direct, account-to-account payments from their customers, in real-time.