Volt, the Netherlands-based open banking specialist has announced that it will enable access to more than 4,000 European banks via a its single application program interface (API).
The Amsterdam-based company describes Volt as “a future proof payment service and digital money platform, that makes payments faster and cheaper, whilst eliminating card fraud.”
“This solution displaces incumbent payment participants such as Visa and MasterCard, enabled by recent open banking regulatory initiatives in Europe and beyond.”
In a release, the company added: “As an independent open banking specialist, Volt’s approach contrasts with the updated legacy systems being deployed by payment service providers (PSPs) and other market incumbents responding to the pressure of the revised Payment Service Directive (PSD2) demands.
“Volt will provide a single access point to the range of open banking features. There are currently 14 European markets connected by Volt, and its API provides access to both established and challenger banks, giving merchants and consumers alike access to 99% of the European payments market.”
Volt also says that it brings together an influential group of payments industry thought leaders, including chairman of directors, Robert Kraal, who comments: “We see open banking as a transformative mechanism that will drive a paradigm shift in payments services, and we are excited to be at the vanguard of that change.”
Kraal is also co-founder of Adyen, a fintech that has partnered with merchants in a bid to bypass traditional payment networks. He held various positions with the company, including chief operating officer (COO) between 2010 and 2016.
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