Volt, a fintech specializing in global real-time payments (RTP), has partnered with Bumper to integrate its open banking capabilities into automotive dealerships. This collaboration follows Bumper's successful US$48 million Series B funding round earlier this year, aiming to establish Bumper as the dominant payment platform for European car dealerships. The partnership comes amid a rebound in the European car sales market, with Volt and Bumper processing £3 million in car dealership payments in 2023. Volt's RTP and open banking features will be seamlessly incorporated into Bumper, the preferred payments platform for major dealerships such as Volvo, Ford, Nissan, Volkswagen, Audi, Seat, Porsche, and JLR.
The integration will enhance payment processes, with Volt empowering Bumper's 'Pay Now' function for instantaneous settlements tracked in real-time. Dealerships will also gain access to checkout flow and pay-by-link options, offering a mobile-first experience. This move addresses historical challenges in the automotive sector, providing dealerships with greater control over cash flow and inventory while reducing the risk of non-payment or system errors.
Jack Allman, CCO and Co-Founder at Bumper, anticipates increased functionality, including settlement accounts, real-time notifications, and refunds, leading to enhanced operational efficiency and automation.
Volt's strategic partnership with Bumper follows other significant collaborations with industry players like Shopify and Worldpay in 2023.
FinTech Magazine