Pay.com Selects Volt as Strategic Open Banking Partner

Payments orchestration infrastructure firm Pay.com’s merchants will be able to access global real-time payments platform Volt’s Instant Bank Transfer solution to allow their end-users to make payments from their bank account in real time.

This capability will follow from Pay.com’s selection of Volt as its new strategic open banking partner, the companies said in a Monday (Feb. 3) press release.

“This partnership reinforces Pay.com’s position in the open banking payments ecosystem, enabling us to capitalize on growth opportunities alongside Volt,” Pay.com Global Head of Partnerships Kim De Jesus said in the release. “Together, we’ve emphasized the importance of speed, trust and technology accessibility and their direct impact on merchants and the overall payments ecosystem.”

Pay.com not only integrated Volt’s open banking solution but built functionality that enables it to pre-authorize credentials, securely identify users and display banking options linked to their financial profiles, according to the release.

This capability will make it easier for consumers to select their preferred payment method and initiate their payment, thereby supporting consumer adoption and building trust, per the release.

“What makes this collaboration truly special is the alignment of our core values — accessibility, global reach and innovation,” Volt Head of Partnerships Elaine Smith said in the release. “We’re excited to deepen our strategic partnership with Pay.com as we explore early-stage solutions that redefine the payments landscape.”

Pay by bank is carving out a niche in the consumer payments space, according to the PYMNTS Intelligence and Trustly collaboration, “What Consumers Need for Pay by Bank to Catch On.”

The report found that Gen Z, high-income individuals and consumers already interested in this payment method report increased interest in using pay by bank when offered discounts and cash-back rewards.

When Volt launched a partnership with luxury retailer Farfetch in September, Volt said pay by bank removes chargebacks, reduces card fraud risks and lifts card processing fees.

Farfetch Senior Director of FinTech Operations Mark Hobbs said at the time in a press release that the partnership with Volt “provides our customers with secure, fast and seamless additional payment options that enhance the online purchasing experience.”

“Volt is dedicated to building the global real-time payment network and is a great partner for improving the payment experience,” Hobbs said.