- Volt, known for its open banking offer in the European market, has announced that it will now expand to Brazil.
- The firm, which has recently received a significant funding boost, has integrated the Brazilian instant payments network Pix into its platform for customers to use.
- “Pix is a shining example of the power of instant payments, creating a huge opportunity for ambitious global merchants,” said a senior spokesperson for the firm.
Volt, an open payments gateway platform, has announced an expansion into Brazil as part of a major growth push for the firm.
The company said that it had incorporated Pix, the country’s instant payments network, into its systems.
It has also opened an office in the Brazilian city of São Paulo.
It claims that the move will drastically improve settlement times for online money transfers – from up to 28 days down to two seconds.
The company is already well known in the European market for having more than 5,000 bank connections.
It has built these using the PSD2 Open Banking network.
Now, however, the company will also be able to offer these payments services in Brazil.
It comes after the firm received around US$23.5m in a Series A funding round.
This is believed to be one of the highest amounts on record for such a funding round in the open banking sector.
A senior spokesperson for the company pointed out that Brazil has a fast-growing e-commerce sector that needs to have a supportive level of infrastructure behind it.
André Faria, who is a founding director at Volt for Latin America, said that customers wanting to use that service had been largely underserved in the past.
“Brazil’s rapidly growing ecommerce market and traditionally underserved customer base has created a landscape ripe for payments innovation,” he said.
He added that the Pix platform had performed very well since it was first brought to market.
“A year since its inception, we have seen a stratospheric rise of the Pix platform with unrivalled consumer adoption.
“By building on this already well-established instant payments network, we are enabling both domestic and export payments for local and international businesses – whether they have an on-the-ground presence or not – at the speed of now.”
The firm’s founder echoed these sentiments.
Tom Greenwood, who serves as the company’s chief executive officer, said that Pix was a “shining example” of what instant payments could offer.
“Pix is a shining example of the power of instant payments, creating a huge opportunity for ambitious global merchants,” he said.
“From NPP in Australia to Singapore’s FAST network, real-time payment networks are developing at an unprecedented pace across the globe.”
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