Volt has introduced three cash management solutions for businesses in the UK and EU, leveraging its electronic money licenses.
These products—referred to as Volt Accounts, Named Accounts, and Virtual IBANs—enable businesses to oversee financial transactions from both incoming and outgoing payments with real-time transparency and reconciliation features.
Detailed Functionality of Volt Accounts
Volt Accounts are designed to handle all merchant payments received via bank transfers processed through Volt’s system. These accounts operate in both Euros (EUR) and British Pounds (GBP), tracking transactions from the initial receipt to final settlement, providing continuous status updates.
Cross-border Features and Reconciliation Tools
For businesses operating internationally, Volt’s system allows for foreign currency exchanges between EUR and GBP Volt Accounts before funds are transferred to regular business accounts. This feature supports multi-currency transactions while keeping separate revenue streams distinct.
Merchants can initiate real-time refunds directly from the dashboard. Payins into these accounts are linked to specific orders, ensuring seamless payment reversals without manual intervention when customers request refunds.
Integration via Named Accounts
Named Accounts cater to merchants who integrate Volt through third-party payment service providers (PSP). These accounts facilitate receiving and sending payments without PSP batch settlement processes. Marketplaces can utilize Named Accounts for individual store payment processing, while merchants can also distribute these accounts to customers or non-registered sellers.
Benefits of Virtual IBANs
Virtual IBANs are ideal for businesses that receive frequent deposits or account top-ups. Merchants can assign unique Virtual IBAN identifiers within their Volt Account system, facilitating quick matching of payins to individual customers. Unlike Named Accounts, Virtual IBANs act as pointers to the merchant’s Volt Account without independently storing funds.
Regulatory and Market Insights
Volt operates under a dual license structure: an Electronic Money Institution (EMI) license in the UK and a Payment Institution license in Poland. These licenses allow Volt to provide its account products across multiple jurisdictions.
Following initial availability for selected partners in January 2025, Volt has now made these products accessible to all interested businesses.
Real-time payment services such as the UK’s Faster Payments and the EU’s SEPA Instant Credit Transfer enable swift fund transfers between bank accounts. Businesses using these systems need reconciliation tools to connect incoming payments with customer orders and transaction records.
NOAH, a cross-border payment provider, and Cointopay.com, a cryptocurrency payment service, have adopted Volt’s virtual account solutions for streamlined reconciliation of incoming transactions.
Volt’s move into treasury infrastructure represents a strategic diversification beyond its primary payment services.
