Worldpay from FIS teams up with Volt to bring power of open banking to merchants
Key facts
- Worldpay from FIS has teamed with Volt to provide merchants with an account to-account payments infrastructure
- New collaboration enables merchants to tap into growing $525bn A2A payments market
- New Real-Time Payment capabilities helps merchants expand to emerging markets where A2A payments have taken off
Jacksonville, Florida, 6th June 2023: Global financial technology leader FIS® (NYSE: FIS) has today announced a new collaboration between its merchant solutions business, Worldpay from FIS, and Volt, an open payments gateway. The collaboration, announced at Money20/20 Europe, will bring the power of open banking to merchants and give them the ability to take payment through open banking from consumers.
Adoption of open banking technology is continuing to grow worldwide, driving account-to-account (A2A) payments use among consumers. Findings from Worldpay’s 2023 Global Payments Report reveal that in just 12 months, the value of payments using A2A capabilities increased 13% globally, rising from $463bn in 2021 to $525bn in 2022. According to the report, by 2026, A2A payments will have a 10% share of the e-commerce payments market, making up $757bn of all global online payments.
Combining Worldpay’s strength as the number one merchant acquirer with Volt’s industry and technical expertise will give Worldpay customers access to open banking rails, and these new capabilities aim to capture the growing strength of A2A payments.
“Our strategic collaboration with Volt comes at an exciting time as open banking adoption gathers pace, revolutionising payments across the globe,” said Sudev Balakrishnan, Chief Product Officer at Worldpay from FIS. “Volt are a best-in-class technology provider with deep expertise in this space. Working together, combining their knowledge with our scale, we will be able to open up ‘pay by bank’ opportunities for our merchants and potentially allow them to take advantage of this growing market by embracing A2A payments with a single solution.”
Alongside giving merchants’ customers more choice of seamless payments, this collaboration also brings a host of benefits for merchants, by potentially reducing the cost of payment acceptance, while offering near instant settlement of funds and thereby boosting their cash flow. As greater collaboration and interoperability between real-time payment rails are explored there should naturally be a growth in opportunities to use A2A payments for cross-border commerce, further benefitting merchants with global ambitions.
“We’re delighted to be working with Worldpay to give merchants access to our open banking payments infrastructure,” said Volt Founder and CEO Tom Greenwood. “Real-time account-to-account payments are experiencing hockey-stick growth around the world. This partnership will help merchants capitalise on that growth by providing them with a standardised, scalable solution that improves user experience and drives conversion.”
Worldpay enables merchants of all sizes to take, make and manage payments across channels, geographies, and industries. Over one million merchants globally trust Worldpay solutions to power their in-store, online and mobile transactions, fight fraud, optimise authentication and tap into value-added services that boost commerce. Additionally, Worldpay facilitates payouts to a broad network of suppliers and beneficiaries around the world, with capabilities to send money to approximately 225 markets in 146 countries.