Tazapay, a Singapore-based cross-border payments provider, has partnered with Volt to introduce open banking capabilities across the across the UK and Europe.
The deal will enable Tazapay customers to increase cross-border sales, whilst allowing businesses to track payments from initiation to receipt using Volt’s real-time reconciliation capabilities.
Businesses will be able to unlock full visibility of the payment value chain via Volt’s data-driven insights and analytics, the firms said in a statement.
The deal comes as open banking continues to gain tremendous momentum in payments worldwide. The value of open banking-powered payments reached almost $4bn in 2021 and, by 2027, is expected to exceed $330bn. Over 60 countries currently have or are considering launching open banking frameworks.
“With the advent of open banking and maturing of real-time payment networks like the PayNow service in Singapore and UPI in India, there is an increase in expectations from businesses and end consumers for payments to be done in real time. Tazapay is building the payments and compliance infrastructure for cross-border commerce and services, and we continue to focus our attention on growth plans,” said Rahul Shinghal, CEO and Co-founder at Tazapay.
As part of the deal, a significant feature for cross-border merchants and businesses is the instant confirmation of settlement reported in over 70% of all payments processed via Volt’s gateway services. The partnership is also expected to help Tazapay enabling open banking payments in Brazil later this year. Volt processes transactions securely between accounts held at over 5,000 banks in the UK, Europe and Brazil. A key area of focus for the firm is building infrastructure to connect domestic systems globally via one single point of integration (API).
“We are excited to join forces with Tazapay and support them in their ambitions to offer cross-border instant payments, as well as data-driven analytics for better decision-making, supported by our proprietary solution Connect,” said Matt Komorowski, Chief Revenue Officer at Volt.
The partnership marks another significant milestone for Tazapay, which recently completed a $16.9m Series A fundraising round led by Sequoia Capital Southeast Asia, and has received in-principle approval for a major payment institution (MPI) licence from the Monetary Authority of Singapore (MAS).
