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Shopify and Volt Forge Open Banking Partnership

E-commerce company Shopify has announced the beginning of an open banking partnership with Volt.

Shopify and Volt Forge Open Banking Partnership

European, British, and Brazilian sellers who interact with Shopify, as a result of this cooperation, when placing an order, will be able to offer their customers a Volt Pay by Bank solution. This information is contained in the Volt press release, which was published last Wednesday, June 14.

Shopify’s Vice President for Global Partnership, Rita Hanna, says that the second side of cooperation has a number of advantages as a provider of open bank payments, including an efficiently functioning infrastructure, a simple procedure for integrating sellers’ cash registers and proven experience in this field of activity. Separately, she noted that the partnership project launched during a period of global changes in the payment industry.

According to the information contained in the press release, as part of the implementation of the cooperation program, customers will be able to initiate payments from account to account in real time (A2A). An important circumstance is that in this case the funds are withdrawn as soon as possible, actually not providing for a waiting period. In the coming months, this solution will be available to sellers in many countries of the world. In Australia, the payment tool will be launched in the fourth quarter of this year.

Shopify has taken care of the issue of establishing an open banking partnership against the background of fixing the growth in demand for fast, economical, and secure payments from sellers. Matt Komorowski, Volt’s Revenue Director, says that open banking currently enjoys a high level of demand around the world since this format differs from traditional payment methods with a higher transaction speed, simplified procedure, and increased security.

Experts say that the fastest growth of open banking is observed in North Africa and the Middle East. The founder and CEO of Tarabut Gateway, Abdullah Almoayed, says that the catalysts for this growth are a unique ecosystem, a high level of consumer demand, and a far-sighted policy of regulators.

Almoayed stated that the current trend creates opportunities for the smooth and rapid implementation of innovative solutions. Separately, he stressed that regulators are leading the transformation, wanting to make sure that the benefits of open banking are fully available to consumers. For example, Tarabut Gateway has received an open banking certificate from the Central Bank of Saudi Arabia (SAMA) to implement its banking services.

Almoayed says that the dynamics of markets in the Middle East region, where there is the smallest number of retail banks compared to other parts of the world, indicates that in the current realities, partnership in finance is perceived by most players in this market as an opportunity to create value for all parties involved, and not as a means to achieve the goal.

As we have reported earlier, Shopify Launches Rewards Program for Users of Shop Pay.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.