VOLT
As put by Greenwood : “ The technology powering Visa and Mastercard was imagined and implemented in the 1950s and 1960s . We have nothing but respect for the businesses both have built , but their technology is ripe for disruption .”
Greenwood ’ s claim is by no means baseless . With the US Federal Reserve recently launching FedNow , its federal , centralised RTP service for businesses , the US economy has been slated to receive a timely boost .
This is not the only RTP service on offer in the US either , with private options also available to consumers ( Zelle , The Clearing House ). RTP is worldwide too ; Faster Payments operates in the UK , SEPA Instant is the EU standard , UPI in India and Pix for real-time payments in Brazil .
Different RTPs for different markets , these services are inherently domestic and fragmented . Where Visa and Mastercard have seen success , as Greenwood puts it , is in their ability to form “ single proprietary global networks , which are centrally controlled and privately owned ”.
This is where Volt comes in . “ Whilst fragmentation is a challenge for RTP adoption , it ’ s also an opportunity . We ’ re positioned in the RTP space to do what Visa and Mastercard did for debit and credit cards .”
Aiming to build a global network for RTP everywhere , Volt hopes to bring each domestic RTP offering into a global network . Each RTP provider “ fundamentally has the same expertise and each does the same thing ”, adds Greenwood .
Volt : Building a global network of RTP providers However , building a global network of RTP providers is somewhat different from the
fintechmagazine . com 51