Volt Secures EMI License from UK FCA

Volt, a London-based open payments gateway, announced on Thursday that it has secured an Electronic Money Institution (EMI) licence from the United Kingdom's Financial Conduct Authority (FCA).

According to the announcement, Volt's licence will enable it to evolve its cash management product, Connect, from which virtual accounts will now be issued to merchants. These accounts receive account-to-account payments from merchants' customers and provide real-time payment confirmation, giving merchants visibility and control across the payment lifecycle.

The EMI licence will also enable Volt to offer virtual accounts as a standalone product.

Tom Greenwood, CEO, Volt, comments: "The UK and Europe are integral markets for our business so I am delighted we have been granted our EMI licence from the FCA. With this licence we are able to go even further in expanding our business. By becoming an account provider as well as a payment initiator, it enables us to not only broaden our product set, but also adapt and enhance our broad commercial offering. We have already seen a number of our key customers benefiting from the capabilities the licence brings."

The EMI licence comes after Volt's hiring of its first CMO, Irina Chuchkina, to help drive a global marketing strategy for the company and grow its brand. The payment firm also recently announced further expansion into new territories by launching in Australia​.