Real-time payments platform Volt has launched a partnership with luxury retailer Farfetch.
The partnership, announced on Wednesday (September 18), will enable Farfetch customers in the UK, Germany and the Netherlands to make instant payments directly from their bank accounts.
“With our real-time payments integration, Farfetch customers can now complete their payment with just a few taps by simply selecting ‘Pay with Bank’ at checkout, choosing their bank and authorizing the payment in their banking app through biometric authentication,” Volt said in a news release.
“Adding this payment solution to our checkout will enhance the buying experience and speed up the payment process, as real-time payments are executed on instant rails across the country, allowing for instant funds transfer.”
The release added that bank payments eliminate chargebacks, reduce the risk of card fraud and incur zero card processing fees. The solution will be available on farfetch.com and brownsfashion.com.
“We believe real-time payments have the potential to transform retail, enriching the customer experience, reducing costs and increasing security,” said Kat Marangos, vice president of strategic accounts at Bolt.
“This is especially important for larger purchases, so we’re thrilled to see Farfetch leading the real-time payments revolution in retail.”
As PYMNTS wrote earlier this week, the partnership comes as open banking continues to reshape the financial ecosystem.
“Open banking has the potential to play a key role in the future of payments,” the report states. “The integration of technologies such as account-to-account (A2A) transfers and bank payment services promises faster, more efficient transactions. But the reality is that many people are still waiting to get paid.”
According to a PYMNTS Intelligence and NCR Voyix survey, nearly half of consumers are willing to wait up to a week to make a payment — a stark contrast to the 43% of consumers who prioritize real-time payments, and this disconnect highlights a key area for improvement.
According to the report, A2A transfers are showing high potential, with 84% of users reporting being very satisfied with the speed and ease of use of the A2A platform.
“This enthusiasm reflects the transformative power of open banking, suggesting that by addressing the delays of traditional systems, it has the potential to capture consumer preferences for faster payment solutions,” PYMNTS wrote.
Meanwhile, financial institutions (FIs) are increasingly turning to payments-as-a-service (PaaS) models, signaling a shift to more agile ways of processing payments. Research shows that 78% of U.S. financial institutions value faster payment networks, and half of mid-market financial institutions have already implemented or are planning to adopt PaaS.
