Volt, the real-time, rail-agnostic money movement platform, today announces its new strategic partnership with ClearBank, the enabler of real-time clearing and embedded banking. The collaboration enables Volt to offer critical enhancements to its account-based cash management capabilities, in the UK and Europe, moving open banking payments a step closer to realising their full operational potential. 

Volt now offers ClearBank-powered EUR and GBP payment accounts, virtual IBANs and named accounts to enterprise merchants and PSPs using its real-time, bank-direct payment initiation services. This enables businesses to track every stage of the payment value chain, automate reconciliations, and initiate payouts and refunds.

These capabilities, previously unavailable to global merchants using real-time payments at scale, enhance open banking by adding essential features beyond payment initiation, such as payouts, refunds, user-level fund attribution, and full lifecycle management. In turn, they bring open banking payments a step closer to achieving feature parity with cards.