Global financial technology leader, FIS has announced a collaboration between its merchant solutions business, Worldpay from FIS, and open payments gateway, Volt, to bring the power of open banking to merchants, giving them the ability to take payment through open banking from consumers. 

Adoption of open banking technology is continuing to grow worldwide, driving account-to-account (A2A) payments use among consumers. Findings from Worldpay’s 2023 Global Payments Report reveal that in just 12 months, the value of payments using A2A capabilities increased 13% globally, rising to $525 billion in 2022. According to the report, by 2026, A2A payments will have a 10% share of the e-commerce payments market.

Worldpay from FIS chief product officer, Sudev Balakrishnan said, “Our strategic collaboration with Volt comes at an exciting time as open banking adoption gathers pace, revolutionising payments across the globe. Volt are a best-in-class technology provider with deep expertise in this space. Working together, combining their knowledge with our scale, we will be able to open up pay by bank opportunities for our merchants and potentially allow them to take advantage of this growing market by embracing A2A payments with a single solution.”

Alongside giving customers more choice of payments, this collaboration also brings benefits for merchants, by potentially reducing the cost of payment acceptance, while offering near instant settlement of funds.

Volt founder and CEO, Tom Greenwood added, “We’re delighted to be working with Worldpay to give merchants access to our open banking payments infrastructure. Real-time account-to-account payments are experiencing hockey-stick growth around the world. This partnership will help merchants capitalise on that growth by providing them with a standardised, scalable solution that improves user experience and drives conversion.”