Revving Up Auto FinTech: Volt and Bumper Spearhead Real-Time Payments in the Automotive Industry

In an exciting development for the automotive industry, open banking is set to revolutionize the way payments are made in major car dealerships across the UK and Europe. Volt, a leading open banking payment provider, has partnered with Bumper, a prominent automotive finance and technology company, to facilitate seamless and secure transactions. This collaboration comes at a time when the UK car sales market is experiencing a remarkable rebound, with more cars sold in 2023 than in any year since the Covid-19 pandemic.

Volt empowers Bumper’s “Pay Now” function

One of the key aspects of this partnership is Volt’s integration with Bumper’s innovative ‘Pay Now’ function. By utilizing Volt’s cutting-edge open banking technology, Bumper enables automotive payments to be made effortlessly. Moreover, this collaboration offers dealerships the advantage of instant settlements, which are tracked in real time. This functionality eliminates the friction caused by slow settlement times, ensuring a streamlined and efficient payment process.

Expansion plans in the UK and Europe

While Volt’s integration is currently available in the UK, there are plans to further expand across Europe as part of Bumper’s ambitious growth strategy. This means that open banking payments will soon be accessible to customers of over 5,000 dealerships throughout the UK. Among these dealerships are renowned automotive manufacturers such as Audi, Ford, Porsche, and Volkswagen. With the potential of open banking payments to transform the automotive industry, this partnership between Volt and Bumper is a logical step forward.

Unlocking Real-Time Payments

Real-time payments have the potential to revolutionize the way transactions are conducted in the automotive industry. The ability to make instant payments offers numerous benefits, including faster processing times and improved efficiency. Customers can experience a seamless payment experience, while dealerships can enjoy the advantages of quicker settlements, enhancing cash flow and operational effectiveness. This collaboration between Volt and Bumper aims to tap into the significant potential of real-time payments in the automotive sector.

Volt is Bumper’s chosen Open Banking payment provider

The decision to switch to Volt as Bumper’s open banking payment provider is expected to have a substantial impact on functionality for partnered dealerships and their customers. Volt’s seamless integration ensures a frictionless account-to-account payment experience, eliminating the need for traditional and often cumbersome payment methods. The enhanced convenience and efficiency of open banking payments will undoubtedly enhance the customer experience and contribute to increased customer satisfaction.

Enhanced Open Banking Infrastructure

Furthermore, this partnership enhances Bumper’s open banking infrastructure with increased functionality. Settlement accounts, real-time notifications, and refunds are among the features that will be incorporated into Bumper’s platform. This improved infrastructure allows for smoother and more transparent payment processes, benefiting both dealerships and customers. With these added capabilities, Bumper is well-positioned to meet the evolving demands of the automotive industry and provide an exceptional payment experience.

Volt’s growth journey and expansion plans

This strategic partnership with Bumper marks another milestone in Volt’s impressive growth journey. Building on their previous collaborations with industry giants such as Shopify and Worldpay, this alliance further solidifies Volt’s position as a trusted and innovative payment provider. Alongside a successful Series B funding round and expansion into Australia in 2023, working with Bumper demonstrates Volt’s commitment to revolutionizing the payment landscape and driving innovation in the automotive industry.

The partnership between Volt and Bumper signifies a significant step forward in the evolution of open banking within the automotive sector. By providing seamless and secure open banking payments to major car dealerships, this collaboration eliminates friction and improves efficiency in the payment process. With the potential for real-time payments to gain traction in the automotive industry, this partnership is set to transform the way transactions are conducted. As Volt continues its growth journey and expansion plans, the automotive industry can look forward to a future of enhanced payment experiences and increased operational effectiveness.

Explore more