Open banking leader Volt has launched a new product aimed at helping merchants save on excessive debit card (interchange) fees by encouraging shoppers to seamlessly switch to an open banking payment AFTER choosing to pay with a debit card at the checkout.

After recognising the banking provider of a specific shopper using clever BIN lookup technology, Volt’s ‘Transformer’ prompts the shopper to instead pay in real time from their bank account.

Here’s how it works…

Transformer offers merchants a superior alternative to cards in the form of open banking-powered account-to-account payments. It also helps persuade their shoppers – via an incentive of the merchant’s choosing – to use it.

Merchants benefit from real-time settlements and smaller transaction fees, but also improved customer loyalty. Data has shown that, once shoppers try open banking payments, they return for regular repeat purchases. Arrange a demo via the Volt website.

Volt’s open payments gateway currently allows merchants and PSPs to process transactions securely between accounts held at more than 5,000 banks in the UK, EU and Brazil, covering over 680 million bank accounts.

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