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Saturday, March 2, 2024

Volt and Bumper companion to supply open banking

Actual-time funds platform Volt is partnering with automotive fintech cost supplier Bumper to supply open banking and real-time funds so shoppers pays for car deposits, repairs, elements, providers and buy automobiles outright.

The companions stated the present rebound in automobile gross sales is already being mirrored in Volt and Bumper’s gross sales quantity after dealerships began integrating Volt in January. Greater than £3 million in funds processed within the UK, with some prospects utilizing Volt to purchase vehicles outright.

Volt helps Bumper’s ‘Pay Now’ operate, permitting dealerships to obtain immediate settlement. The mixing additionally permits checkout stream and pay-by-link choices, offering a mobile-first expertise, eliminates friction brought on by sluggish settlement occasions and reduces the danger of non-payment or system errors.

The partnership brings open banking funds to prospects of over 5,000 dealerships all through the UK, together with producers, comparable to Audi, Ford, Porsche and Volkswagen.

Commenting, Richard Drury, VP of partnerships at Volt, stated: “For automobile dealerships, the funds course of has been a significant problem and our answer is an actual asset in assuaging these challenges many dealership house owners are going through at present. We’ve created an ideal answer for Bumper, with the preliminary outcomes and fast adoption proving that it resonates with each consumers and sellers. There’s enormous potential for real-time funds to take off within the automotive business, so this partnership was a no brainer for Volt.”

Jack Allman, CCO and Co-founder at Bumper, added: “The transfer to Volt as Bumper’s Open Banking cost supplier could have a big impact on performance for our partnered dealerships and their prospects, offering them with a frictionless account-to-account cost expertise.

“This new partnership enhances our open banking infrastructure with elevated performance together with settlement accounts, real-time notifications and refunds. These developments will enhance operational effectivity and automation throughout all customers, whether or not they work in accounts, gross sales or service. Moreover, Volt’s world cost community facilitates Bumper to roll out our Open Banking product throughout Europe within the close to future. We’re extremely excited to have launched this subsequent section of our Open Banking platform and might’t wait to see the elevated worth this new iteration will convey to our companions.”

Having introduced partnerships with Shopify and Worldpay final yr, working with Bumper marks one other step in Volt’s progress journey, which features a profitable Sequence B funding spherical and Australia growth in 2023. In the meantime, Bumper has began 2024 on a excessive, elevating £40m in its personal Sequence B funding spherical, fuelling plans to launch in additional European nations this yr.

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