Volt launches “ultrafast” account ownership authentication

Open banking provider Volt is launching a new bank account authentication service for online merchants and businesses.

The “ultrafast” Verify is now launching in the UK and five European markets: Ireland, France, Germany, Austria and the Netherlands.

The UK-based fintech says it has more than 95 per cent coverage of consumer bank accounts in these countries and plans to expand further across Europe by the end of the year.

“Verify’s ultrafast capability eliminates the complexity of the verification process and reduces additional steps,” Verify at Volt product owner Aleksandra Petera said.

“It is a great alternative to using microtransactions, which cause delays in the verification process and user drop-off at checkout, a major source of lost revenue for merchants and companies in the digital economy.”

Petera said the new service will enable merchants to provide a “superior user experience” and checkout and will provide a “highly effective solution” for business requiring identity checks or account number authentication.

One of the first companies to use Volt’s Verify product is Sideos, a German web3 platform.

“Volt’s account authentication product Verify provides a powerhouse solution that gives people a real-time shopping experience using their verified bank account in a very convenient way,” Sideos co-founder and CEO Marcus Naserek said.

The newly launched product “automates, strengthens and simplifies” how businesses verify customer bank account ownership, according to Volt.

At first the product will use the single redirection authentication method, making the product immediately viable in Europe’s key markets it said, with future plans to support further authorisation methods.