Worldpay from FIS and Volt Enable A2A Payments for Merchants

Worldpay from FIS and Volt have partnered to enable merchants to receive account-to-account (A2A) payments from consumers.

The collaboration will bring together Worldpay’s strength as a merchant acquirer and Volt’s open banking payments infrastructure, FIS said in a Tuesday (June 6) press release.

“Volt are a best-in-class technology provider with deep expertise in this space,” Sudev Balakrishnan, chief product officer, Worldpay from FIS, said in the release. “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.”

PYMNTS research has found that 35% of consumers used online bank transfers for online retail payments in January, up from the 33% who did so in May 2022.

In addition, 44% of those who have tried online bank transfers as a payment method are keen on doing so again, according to “New Payment Options: Building Stronger Customer Ties With Pay By Bank Transfer,” a PYMNTS and Nuvei collaboration.

The report also found that 42% of consumers who have paid for an eCommerce purchase using online bank transfer find it easy and convenient.

The new strategic partnership of Worldpay from FIS and Volt will enable merchants to offer their customers a wider range of choices of payment methods, according to the press release.

It may also reduce merchants’ cost of payment acceptance and boost their cash flow by offering near instant settlement of funds, the release said.

“Real-time account-to-account payments are experiencing hockey-stick growth around the world,” Volt founder and CEO Tom Greenwood said in the release. “This partnership will help merchants capitalize on that growth by providing them with a standardized, scalable solution that improves user experience and drives conversion.”

This new collaboration comes about four months after Volt partnered with Singapore’s Tazapay to add open banking to the latter’s payment offerings.

That capability will let Tazapay customers expand their sales in the United Kingdom and Europe, especially merchants based in the Middle East and North Africa (MENA) and Asia Pacific (APAC) regions.