Volt

Open banking has taken the payments industry by storm. After the industry started shifting towards cashless transactions, many innovative financial services emerged. One of the main terms used in recent years is “real-time transactions”. Everything done in real-time is extremely popular, particularly when online gaming is concerned. Consequently, one fintech began promoting itself as one of the leaders in the global real-time payments revolution.

We are speaking about Volt, the company that offers a global real-time payment platform alongside a product suite meeting the practical business needs of different online and offline merchants.

Now, how does this impact online casinos and players around the globe? Well, gamers are always looking for the most convenient and secure way of casino banking. Bank cards are at the top of the most used payment methods list. Still, they require players to share sensitive data like card numbers and security codes. So, Volt set out to create a product enabling direct bank transfers through a single connection protected by bank-grade security.

Sounds great, right. Open banking transactions have become synonymous with simplicity and safety. However, is Volt the right choice to use at online casinos? Keep reading as we deliver an in-depth Volt review with all its pros and cons.

About Volt

Tom Greenwood founded Volt Technologies Ltd in 2019. A year later, they received £1m seed funds from Fuel Ventures, and they began piloting their platform. The same year, Volt signed agreements with the first merchants to use their payment platform. In 2021, Volt expanded its reach into Brazil, launching its services with Pix. Two years later, the company already had over 390,000 customers using its digital payments gateway.

Volt forayed into the iGaming industry in 2021 when the company agreed to cooperate with MoneyMatrix, another payment gateway focused on the online gambling industry. This deal helped Volt enter the cashiers of many online casinos worldwide.

Fintech achieved one more important milestone in 2022 when it partnered with Mercurio to allow Mercurio’s clients to purchase cryptos with instant open banking account-to-account transactions. Another company’s successful move was teaming up with MiFinity in February 2023, when MiFinity launched MiFinity Instant Bank Transfer, powered by Volt’s open banking payments platform.

Volt is headquartered in London and authorised by the UK Financial Conduct Authority to provide payment services. However, the company also has offices in Poland and the Netherlands.

Target Markets

Volt is a payment gateway facilitating direct account-to-account (A2A) transactions powered by open banking. Its core product, the platform, and the entire portfolio of additional services created to help merchants have end-to-end control of all financial transactions are available across Europe.

More than 5,000 banks in the EU and the UK support the open banking program, which was rolled out in 2016 when PSD2 was introduced. PSD2 is a revised version of the Payment Service Directive, a European regulation for electronic payment services. With so many banks supporting open banking, casino players from Europe don’t have any problems finding their preferred local bank when they choose Volt as a casino banking method.
Some of the best-known financial institutions allowing Volt to access their systems through an API include HSBC, Swedbank, Credit Agricole, Barclays, and Nordea.

However, Volt is not only present in Europe. The company expanded its reach into Latin America, Brazil in particular. They entered this booming market through an agreement with Pix, another instant payment platform supported by the Central Bank of Brazil.

As a result, we can conclude that Volt is currently targeting European countries and Brazil, but we think they’ll keep growing their global presence.

Volt Account

If you want to use Volt to credit your casino balance, you can forget about setting up a Volt account. This is one of the main benefits of B2B (business-to-business) companies. They work with other businesses, so everything about accounts is between Volt and its business client. Volt has an omnichannel checkout product that allows casinos to enable direct, real-time bank transfers from a single “doorway”.

Still, you need a bank account at one of the associated banks. So, your main task is to check if your bank allows Volt as a third-party payment platform to link to their system via API and access your banking details. If it does, then you just need to find your preferred Volt online casino and register an account there.

Still, before you open the cashier and pick Volt, make sure you have enough funds in your bank account. No one likes to prepare for the adventure and then learn it has to delay it!

How to Deposit with Volt?

Casino deposits through Volt digital gateway are swift and easy as pie. First, register with the casino you like with Volt on the banking page. Next, open the cashier and look for Volt’s logo. You can’t miss it as it’s eye-catching, with a capital V in the middle. It’s worth noting that some casino sites may display Instant Bank Transfer next to the logo or even list the service as Pay via Bank.

Click on the tab to open the deposit form. Specify the amount you want to send to your casino balance and hit “Deposit”. You’ll be redirected to your online banking page to log in with your existing banking credentials. Enter the system and choose the bank account you want to use for casino banking. Finally, confirm the transaction.

How to Withdraw with Volt?

The great thing about Volt is that it allows you to collect your winnings from the casino. Withdrawals are similarly easy as deposits. Just the other way around. First, visit the cashier and go to the withdrawal section. Pick Volt as your withdrawal method, enter the amount you want to cash out, select your bank from the list, and submit your payment request. The casino representatives will check your request and release the funds as soon as possible.

Transfer Times, Fees, and Security

The very essence of Volt’s digital payment gateway is speed. More specifically – real-time. Therefore, all deposits through Volt’s platform are processed instantly. This is what open banking really means – instant account-to-account transactions.

However, withdrawals differ. First, the casino must review your request to decide if everything is okay. This is called the pending period. In most cases, this timeframe is 24-48 hours. Still, some sites might process the payouts quicker, within hours. We advise you to read the casino’s T&C to find out how long they hold the withdrawal request before they give it the green light. Once the payout is approved, the rest will be finished in minutes, thanks to Volt instant bank transfers.

Volt doesn’t charge end-users for using the platform to make transactions. Still, you might need to pay processing fees to your bank, so visit the local branch to learn if they charge these transactions and how much.
Volt is a payment gateway. It means it works as a middleman between your casino balance and bank account. It doesn’t store any sensitive data but just acts as a doorway that lets you make direct bank transfers without revealing bank account information to online casinos. In other words, it acts as a shield.

Finally, Volt is an Authorised Payment Institution regulated by the Financial Conduct Authority under the Payment Services Regulations.