UK-based real-time payment system, Volt, expands support for Romanian leu currency
Here's the rewritten article based on the provided instructions:
Title: Volt's Leap into Romania: A New Frontier for Real-Time Payments
Let's talk about the latest move by Volt, the UK-based real-time payments powerhouse! They've cast their net wider across Europe, now supporting transactions in Romania using the local currency, the leu (RON). Merchants in the region can now effortlessly accept account-to-account payments, solidifying Romania's place in the evolving open banking world.
Want to read all about it? Click here to become a Romania Insider member or sign in (if you're already aboard).
As of now, Volt handles bank accounts at over 2,500 banks in 31 markets, making swift, account-to-account domestic and cross-border payments possible across the UK, the EU, Brazil, and Australia.
Open banking has been gaining traction, and there are an estimated 63.8 million users in Europe. In Central and Eastern Europe, about 11 million users have hopped on the open banking bandwagon, with Romania being a significant player in this market.
Nine key banks and financial institutions in Romania, including Alpha Bank, Banca Transilvania, BCR, CEC, Raiffeisen Bank, BRD, Unicredit, ING Bank Romania, Libra Bank, and Revolut, are already on board with open banking connectivity.
According to the press release, Volt serves a diverse clientele in Romania, with high adoption rates in sectors like wealth tech, e-commerce, and i-gaming. They've partnered with major payment service providers like Worldline, Worldpay, and Pay.com, and also work directly with merchants.
Got roots since 2019, Volt is a quick-growing fintech, having secured a whopping USD 60 million in Series B funding in 2023. heavyweight investors such as IVP (a 40+ year Silicon Valley veteran backing companies like Coinbase, Slack, and Supercell), CommerzVentures, EQT Ventures, Augmentum Fintech PLC, and Fuel Ventures back Volt.
While the search results don't spill the beans on Volt's specific expansion plans in Central and Eastern Europe, they hint at Volt's global expansion ambitions, as evidenced by their recent move into the Australian market with Shopify. To gather more insights on Volt's journey in Romania or Central and Eastern Europe, it might be wise to keep an eye on Volt's official communications or recent press releases.
Cheers!
irina.marica@our site
(Image source: Ungureanu Vadim/Dreamstime.com)
[1] Search Result: Volt Expands into Australia with Shopify ( Techcrunch, 2022)[2] Search Result: Volt Europa - a Romanian Registered Political Party Independent from the Payments Platform ( PoliticExplainer, 2021)
- As Volt continues to expand its real-time payments service, the integration of technology has allowed them to facilitate transactions in Romania, broadening their business scope beyond the UK.
- In the evolving financial landscape, Volt's adoption in Romania's commerce sectors such as wealth tech, e-commerce, and i-gaming, leverages technology to strengthen its position in the competitive Central and Eastern European business market.
