VOLT
We are a performanceorientated team of performanceoriented people who live by a performanceoriented culture
TOM GREENWOOD FOUNDER & CEO VOLT
accomplishments of Visa and Mastercard , in fact – as a by-product of open banking – RTP offerings bypass everything these behemoth card providers offer .
Greenwood notes : “ RTP is a next-gen payments system based on API calls to account-based payment instruments . These allow you to initiate a payment , circumventing card schemes in real time from one bank account directly to another .
“ Because open APIs and account-based payment instruments weren ’ t possible before , card networks have acted as a layer scheme that built interoperability between bank accounts .
“ But there are typically four or five intermediaries between those bank accounts . Your data and money flow through each of them . That ’ s why it takes days for your money to arrive when paying by card .”
Using the example of Pix in Brazil , Greenwood remarks that a “ 28-day card settlement became two seconds , costs were reduced by 80 % and chargebacks were eliminated ” when consumers shifted to RTP to complete transfers .
It ’ s no wonder Greenwood calls RTP an architectural revolution in the world of payments . And for Volt , the mission is to continue “ building an orchestration layer , connecting RTP to a single point of access , to a single protocol , making each RTP network interoperable and accessible globally ”.
Volt is already some way to achieving this aim , integrating with aforementioned Faster Payments in the UK , SEPA in the EU and Pix in Brazil .
With Series B funding now secured , Volt is on track to expand its ‘ network of networks ’ by integrating with the newly-launched FedNow in the US , NPP in Australia and UPI in India .
52 September 2023