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June 24, 2022

Volt launches bank account authentication service Verify in key European markets

Volt, a UK-based fintech company, has launched Verify, a bank account authentication service for online merchants and businesses in the UK, Ireland, France, the Netherlands, Germany and Austria.

Volt plans to roll-out the product across additional European markets before the end of 2022.

The firm claims to have more than 95% coverage of consumer bank accounts in these countries.

This launch marks the firm’s capability to cover AIS along with PIS, which sees the payments gateway now encompassing the complete spectrum of open banking services in Europe.

Verify automates, strengthens and simplifies how businesses across markets and sectors verify customer bank account ownership, the company claimed.

Businesses and merchants will be able to provide a frictionless user experience at checkout for their customers, all the while bolstering their fraud prevention and regulatory compliance defences.

Verify enables them to securely access customers’ bank accounts before payment initiation, in order to confirm a user’s complete name, bank account number and, account balance.

Earlier approaches of account authentication depended heavily on manual processes, legacy credit bureaus and unstructured data, which in turn were time-consuming, resource-intensive and error-prone processes.

Volt’s Verify product owner Aleksandra Petera said: “Verify’s ultrafast capability eliminates the complexity of the verification process and reduces additional steps. It is a great alternative to using microtransactions, which cause delays in the verification process and user drop-off at checkout, a major source of lost revenue for merchants and companies in the digital economy. Verify enables merchants to provide a superior user experience at checkout and is a highly effective solution for businesses that require quick confirmation of identity or account number authentication.”

Verify currently uses the single redirection authentication method initially to make the product immediately viable in important key markets of Europe.

Its future plans include supporting additional authorisation methods.

Among the important use cases for Verify include open loop payments, Direct Debit mandates where account authentication is essential to minimise failed payments, and user profiles where in aggregated accounts information allows users to get faster payment or finance management processes.

Petera added: “With the launch of Verify, Volt now spans the entire spectrum of open banking capabilities, covering both AIS (account information services) and PIS (payment initiation services). Decreasing friction and preventing fraud are top of mind for companies operating in the digital economy, and Verify delivers the simplicity customers want, the security both them and merchants need, and the scale across key European markets as a blueprint for a future of real-time payments everywhere.”

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