The new collaboration enables BR-DGE’s merchants to access Volt’s Open Banking tool, connecting them to over 1,800 global banks and payment routings.
In addition, BR-DGE’s merchants can access Open Banking’s first fraud prevention tool, Circuit Breaker. Launched in November 2021, the tool counters fraudulent activity by blocking suspicious payments.
BR-DGE’s head of partnerships Tom Voaden said: “Merchants across sectors are looking for payment partners that enable them to access the very best fintech innovations.
“Partnering with Volt enables BR-DGE to continue to offer merchants the very best security and Open Banking technology in order to support their growth”, Voaden added. “Open Banking and fraud prevention are high on the payment priority list for businesses, and it is only set to grow in importance as firms look to better serve and protect their customers.”
The partnership decision follows a recent spike in demand for open banking services. According to the Open Banking platform, 7 million consumer and SME users accessed the services during January in the UK.
The rise in demand for open banking has seen other companies partner to provide new payment solutions for businesses. In May, payments platform Airwallex and open banking-powered TrueLayer launched a series of new products and services globally, seeking to enhance real-time payments and treasury operations to maximise ROI for merchants.
Richard Drury, Volt’s vice president for Partnerships, also commented on the new collaboration with BR-DGE.
“We’re excited to bring real-time Open Banking payments, backed up by intelligent fraud prevention, to BR-DGE’s merchants. We’ve seen huge demand from e-commerce businesses for payments that settle faster, are easier for shoppers to initiate, and which don’t come with high fees”, Drury said. “These retailers are understandably extremely keen to reduce the impact of fraud, too. Open Banking payments, which benefit from bank-grade security, are inherently safer – but Circuit Breaker, which enables merchants to set up rules governing fraudulent transactions, takes security to a new level.”