Open banking pioneer Volt, a UK-based, main fintech firm powering the expansion of real-time funds in UK and Europe, is launching Confirm, an ultrafast checking account authentication service for on-line retailers and companies.
Volt is launching Confirm concurrently within the UK and 5 key European markets: Eire, France, the Netherlands, Germany and Austria. The fintech powerhouse plans additional rollout of the product throughout further European markets earlier than the tip of the yr. Volt has +95% protection of shopper financial institution accounts in these nations.
The launch marks Volt’s expanded functionality to cowl AIS alongside PIS, which sees the funds gateway now protecting the total spectrum of open banking providers in Europe.
The newly launched product automates, strengthens and simplifies how companies throughout markets and sectors confirm buyer checking account possession. Retailers and companies will be capable to guarantee a frictionless consumer expertise at checkout to their prospects, whereas strengthening their fraud prevention and regulatory compliance defences.
Confirm permits them to securely entry prospects’ financial institution accounts previous to cost initiation, to substantiate customers’ full title, checking account quantity and, the place obtainable, account stability.
Earlier strategies of account authentication relied closely on guide processes, legacy credit score bureaus and unstructured information, resulting in time-consuming, resource-intensive and error-prone processes. “Confirm’s ultrafast functionality eliminates the complexity of the verification course of and reduces further steps. It’s a nice different to utilizing microtransaction / penny transaction flows (the place a consumer is required to ship 1 penny transaction), which trigger delays within the verification course of and consumer drop-off at checkout, a serious supply of misplaced income for retailers and corporations within the digital economic system. Confirm permits retailers to supply a superior consumer expertise at checkout and is a extremely efficient resolution for companies that require fast affirmation of id or account quantity authentication”, says Aleksandra Petera, Product Proprietor, Confirm at Volt.