Singapore-based cross-border payments firm Tazapay has partnered with real-time payments gateway Volt to add open banking to its growing stack of payment offerings.
This is in line with its plans to accelerate its international growth across the UK and Europe. The company will also roll out the offering in Brazil later this year.
The partnership will enable Tazapay’s customers to roll out and increase their cross-border sales, especially for APAC and MENA-based merchants who are looking to expand and increase sales in the UK and Europe.
Volt’s real-time reconciliation capabilities enable businesses to track payments from end-to-end. Over 70% of all payments processed via Volt’s gateway receive instant confirmation of settlement.
Additionally, Tazapay will also leverage Volt’s fraud prevention solution to identify and block any suspicious payments by monitoring transactions via a flexible scoring system.
Tazapay currently supports over 2,000 merchants, across 30+ markets with a full-stack payment solution that includes local payment methods as well as cards globally.
The company had recently completed a US$16.9 million Series A fundraising round led by Sequoia Capital Southeast Asia and received in-principle approval for a major payment institution (MPI) licence from the Monetary Authority of Singapore (MAS).
“With the advent of open banking and maturing of real-time payment networks like the PayNow service in Singapore and UPI in India, there is an increase in expectations from businesses and end consumers for payments to be done in real-time.
We are thrilled to be partnering with a like-minded company like Volt, who will support us in enabling seamless, real-time cross-border payments for our customers”,
said Rahul Shinghal, CEO and Co-founder at Tazapay.
“This partnership demonstrates the global acceleration of real-time payments across many sectors – a complement to the acceleration of online business processes and an obvious fit for businesses now operating in a digital-first economy.
We are excited to join forces with Tazapay and support them in their ambitions to offer cross-border instant payments, as well as data-driven analytics for better decision-making, supported by our proprietary solution Connect”,
says Matt Komorowski, Chief Revenue Officer at Volt.