Payment platforms Volt and Bumper have announced a new partnership that will see them roll out Open Banking across car dealerships in the UK and Europe.

The move will allow consumers to pay for vehicle deposits, repairs, parts, services, and purchase vehicles outright through Open Banking.

Bumper, which is a payment platform for car dealerships, is now using Volt to power its 'Pay Now' function. Dealerships now have access to instant settlements which are tracked in real time.

Volt said that the partnership would help to "digitise dealerships" with a mobile-first experience and enable checkout flow and pay-by-link options.

It will roll out Open Banking payments across 5,000 dealerships throughout the UK, including at several major manufacturers like Audi, Ford, Porsche, and Volkswagen.

“For car dealerships, the payments process has been a major challenge, and our solution is a real asset in alleviating those challenges many dealership owners are facing today,” said Richard Drury, VP of partnerships at Volt. “We’ve created a perfect solution for Bumper, with the initial results and quick adoption proving that it resonates with both buyers and sellers.

"There’s huge potential for real-time payments to take off in the automotive industry, so this partnership was a no-brainer for Volt.”

Volt said that the new collaboration demonstrates that when merchants actively push Open Banking payments, customers are happy to use them and report "safer experiences".

The partnership also plans to introduce the new service across Europe in the near future.

---