Manage incoming 
payments at scale

No, there are no additional fees for consumers.

Virtual IBANs adhere to the same rigorous security standards as all other Volt products. Volt Virtual IBANs have undergone comprehensive end-to-end security testing by a leading third-party security firm.

Yes, Virtual IBANs operate 24/7. Please note that this is subject to the rules and regulations of local payment schemes.

As it stands, the transaction would be returned. In the future, we will implement a solution where funds will be automatically converted into the account currency at the applied FX rate.

The funds go directly into the merchant’s Volt Account. This helps your business accounting by virtue of a better process for consolidation and tracking of payments from the same payer.

Volt maintains one balance for the Volt Account, which includes funds paid to related Virtual IBANs. It’s up to the merchant to operate their Virtual IBAN balances.

Not at present.

You can deactivate a Virtual IBAN, which means it can no longer be used to route funds to your Volt Account. However, any payments directed to deactivated accounts will be subject to a rejection fee.

We will return the funds. If we receive further funds in future you will be charged an additional rejection fee.

Virtual IBANs are available to all of our merchants, subject to completing our onboarding and due diligence procedures. Virtual IBANs are opened in the name of the merchant themselves.

We’re licenced to hold your money and we follow strict rules set by the regulators where we operate. This includes safeguarding rules, which differ from the way that banks typically protect their customers’ funds through deposit insurance schemes, such as the Financial Services Compensation Scheme (FSCS) in the UK and the Bank Guarantee Fund (BGF) in Poland.

Safeguarding applies to funds received into Volt Accounts that we provide to merchants under our EMI licence in the UK and PI licence in Poland. This includes the funds that are received through Virtual IBANs. The funds are held in designated safeguarding accounts, which are provided by credit institutions.

We safeguard funds through segregation. This means funds are held in a designated safeguarding account with our safeguarding banking provider. Funds are held in cash so that they are highly liquid and available when you need them.