Volt becomes an approved Shopify open banking partner

By Gloria Methri

Shopify, the global e-commerce company, has approved real-time payments gateway Volt as its global open banking partner.

From today, merchants across Europe, the UK, and Brazil that have integrated Shopify can offer Volt’s ‘Pay by Bank’ solution at checkout. It enables customers to initiate real-time account-to-account payments – with funds settling near instantly. The solution will be made available to Shopify merchants in additional countries over the coming months, starting with Australia in Q4 2023.

Shopify, which has millions of active merchants across 175 countries, and which has processed $700 billion in sales since launching in 2006, began seeking open banking partners amidst growing demand from merchants for faster, safer, and more cost-effective payments.

According to data from Juniper Research, the value of global open banking payments is expected to increase from $57 billion in 2023 to $330 billion in 2027.

Commenting on the partnership, Ritu Khanna, Vice President of Global Partnerships at Shopify said, “Volt stood out as an open banking payments provider owing to its infrastructure, the ease by which merchants can integrate its checkout, and its proven track record in the field. We are pleased to offer Volt’s ‘Pay by Bank’ option to our merchants at this global moment of change for payments, and we look forward to them – and their customers – realising the benefits of open banking and account-to-account technology.”

Matt Komorowski, Volt’s Chief Revenue Officer said, “We are delighted to partner with Shopify, the leading global commerce company. We are aligned in our ambition to make commerce better for everyone, and real-time account-to-account payments represent real progress in this regard. Open banking is experiencing hockey-stick growth around the world because it’s faster, easier, and more secure compared to incumbent payment methods. It is a digital solution for the digital age, and we’re delighted to be bringing it to Shopify’s impressive merchant base.”