UK-based Volt, an open banking payment infrastructure platform, has obtained an Electronic Money Institution (EMI) license from the UK's Financial Conduct Authority (FCA).

With the FCA's EMI license, Volt is able to improve its cash management product, Connect, by issuing virtual accounts to merchants to receive payments and provide real-time payment confirmation. The EMI license also allows Volt to offer virtual accounts as a standalone product, targeting platforms, such as online travel agents needing bulk payouts.

Analyst QuickTake: Earlier this month several companies secured EMI licenses. This includes UK-based card issuing and processing infrastructure provider Enfuce , which secured its UK EMI license from the UK's FCA, and another UK-based payments management platform, Navro , secured its EMI license from the Central Bank of Ireland. Meanwhile, Navro had also secured a UK EMI license from the FCA.