Volt secures EMI licence to offer e-money accounts in the UK

By Gloria Methri

Volt, the global real-time payments platform, has secured an Electronic Money Institution (EMI) licence from the UK’s Financial Conduct Authority (FCA).

The licence will enable Volt to evolve its cash management product, Connect, from which virtual accounts will now be issued to merchants. These accounts receive payments from merchants’ customers and provide real-time payment confirmation, giving merchants visibility and control across the payment lifecycle.

The EMI licence will also enable Volt to offer virtual accounts as a standalone product. Expected to launch shortly, these accounts will be well-suited to enterprises that need to manage funds and complex reconciliation processes.

With Volt’s merchants now able to track the status of payments more seamlessly, they can identify when, why, and where challenges or delays arise with the bank.

Tom Greenwood, CEO, Volt, said, “The UK and Europe are integral markets for our business so I am delighted we have been granted our EMI licence from the FCA. With this licence, we can go even further in expanding our business. Becoming an account provider as well as a payment initiator enables us to not only broaden our product set but also adapt and enhance our broad commercial offering. We have already seen a number of our key customers benefiting from the capabilities the licence brings.”

The EMI licence comes at a time of notable growth for Volt, which recently hired its first CMO, Irina Chuchkina, to help drive a global marketing strategy for the company and grow its brand. Volt also recently announced further expansion into new territories by launching in Australia.