Actual-time funds platform Volt is partnering with automotive fintech cost supplier Bumper to supply open banking and real-time funds so shoppers pays for car deposits, repairs, elements, companies and buy automobiles outright.
The companions mentioned the present rebound in automobile gross sales is already being mirrored in Volt and Bumper’s gross sales quantity after dealerships began integrating Volt in January. Greater than £3 million in funds processed within the UK, with some prospects utilizing Volt to purchase vehicles outright.
Volt helps Bumper’s ‘Pay Now’ perform, permitting dealerships to obtain instantaneous settlement. The mixing additionally permits checkout move and pay-by-link choices, offering a mobile-first expertise, eliminates friction attributable to gradual settlement instances and reduces the danger of non-payment or system errors.
The partnership brings open banking funds to prospects of over 5,000 dealerships all through the UK, together with producers, similar to Audi, Ford, Porsche and Volkswagen.
Commenting, Richard Drury, VP of partnerships at Volt, mentioned: “For automobile dealerships, the funds course of has been a serious problem and our resolution is an actual asset in assuaging these challenges many dealership homeowners are going through at present. We’ve created an ideal resolution for Bumper, with the preliminary outcomes and fast adoption proving that it resonates with each consumers and sellers. There’s large potential for real-time funds to take off within the automotive business, so this partnership was a no brainer for Volt.”
Jack Allman, CCO and Co-founder at Bumper, added: “The transfer to Volt as Bumper’s Open Banking cost supplier could have a huge effect on performance for our partnered dealerships and their prospects, offering them with a frictionless account-to-account cost expertise.
“This new partnership enhances our open banking infrastructure with elevated performance together with settlement accounts, real-time notifications and refunds. These developments will improve operational effectivity and automation throughout all customers, whether or not they work in accounts, gross sales or service. Moreover, Volt’s international cost community facilitates Bumper to roll out our Open Banking product throughout Europe within the close to future. We’re extremely excited to have launched this subsequent section of our Open Banking platform and might’t wait to see the elevated worth this new iteration will convey to our companions.”
Having introduced partnerships with Shopify and Worldpay final 12 months, working with Bumper marks one other step in Volt’s development journey, which features a profitable Sequence B funding spherical and Australia enlargement in 2023. In the meantime, Bumper has began 2024 on a excessive, elevating £40m in its personal Sequence B funding spherical, fuelling plans to launch in additional European international locations this 12 months.