UK-based global real-time payments platform Volt has expanded its services by adding payments in Romania’s local currency (RON) for merchants accepting account-to-account payments in the region.
Volt is the first payment network to unite domestic account-to-account schemes to a single interoperable standard. Scaling and enterprise businesses use it to accept real-time payments, initiate payouts and manage funds.
Volt currently covers bank accounts at over 2,500 banks in 31 markets, enabling real-time, account-to-account domestic and cross-border payments across the UK, the EU, Brazil and Australia.
There are 11.4 million users of Open Banking in the UK, and 63.8 million in Europe; it’s estimated that 11 million users are currently using open banking services in Central and Eastern Europe, with Romania being a significant part of that market.
Nine major banks and financial institutions currently ensure open banking connectivity in Romania: Alpha Bank, Banca Transilvania, BCR, CEC, Raiffeisen Bank, BRD, Unicredit, ING Bank România, Libra Bank and Revolut.
Volt’s payments solutions enable funds to be available to the recipient within seconds, with further services enabling clients to automate cash management and reconciliation.
Partnering with major payment service providers (PSPs) such as Worldline, Worldpay or Pay.com, as well as directly with merchants, Volt serves a variety of clients in Romania, with the highest adoption in sectors like wealth tech (trading platforms and crypto exchanges), e-commerce and i-gaming.
__________
Founded in 2019, Volt is one of the fastest-growing open banking and account-to-account payments scale-ups. With a $60m Series B funding raise in 2023, Volt is backed by prominent investors IVP (a Silicon Valley-based firm that has a 40+ year track record backing companies like Coinbase, Slack and Supercell), CommerzVentures, EQT Ventures, Augmentum Fintech PLC and Fuel Ventures.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
