Worldpay from FIS teams up with Volt to Bring Power of Open Banking to Merchants
06 Junho 2023 - 8:00AM
Business Wire
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.
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 Money 20/20 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 percent globally, rising from $463bn in
2021 to $525bn in 2022. According to the report, by 2026, A2A
payments will have a 10 percent share of the e-commerce payments
market, making up $757bn of all global online payments.
Combining Worldpay’s strength as the No 1 merchant acquirer1
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, revolutionizing payments
across the globe,” said Sudev Balakrishnan, Chief Product Officer
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 capitalize on that growth by
providing them with a standardized, 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, optimize
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.
About FIS
FIS is a leading provider of technology solutions for financial
institutions and businesses of all sizes and across any industry
globally. We enable the movement of commerce by unlocking the
financial technology that powers the world’s economy. Our employees
are dedicated to advancing the way the world pays, banks and
invests through our trusted innovation, system performance and
flexible architecture. We help our clients use technology in
innovative ways to solve business-critical challenges and deliver
superior experiences for their customers. Headquartered in
Jacksonville, Florida, FIS is a member of the Fortune 500® and the
Standard & Poor’s 500® Index. To learn more, visit
www.fisglobal.com. Follow FIS on Facebook, LinkedIn and Twitter
(@FISGlobal).
1 https://nilsonreport.com/mention/1715/1link/
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version on businesswire.com: https://www.businesswire.com/news/home/20230606005151/en/
Kim Snider, 904.438.6278 Senior Vice President FIS Global
Marketing and Communications kim.snider@fisglobal.com
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