Bumper Partners with Volt to Empower Dealers with Open Banking

Bumper Partners with Volt to Empower Dealers with Open Banking

We've partnered with Volt to power our open banking payment option with real-time payments for vehicle deposits, repairs, parts, services and outright vehicle purchases. Open banking allows drivers to make secure, account-to-account payments. 

This next phase of open banking addresses friction caused by slow settlement times for dealers. With greater oversight of the transactions via payment notifications, dealers significantly reduce the risk of customer non-payment. The update also includes the option to make instant refunds to customers. 

The collaboration marks a significant rise in the use of open banking for Bumper with more drivers opting for the method at the point of sale.  

For dealers, open banking presents a huge cost-saving opportunity, with transaction fees a fraction of traditional payment methods. As of January 2024, open banking has saved 152 Bumper dealerships an estimated £200,000 in transaction fees. Moreover, open banking reduces the risk of fraudulent payments – customers are required to authenticate the payment within their banking app. 

The news comes at a time of exceptional growth in the used car market with more sold in 2023 than any other post-pandemic year. This rebound is reflected in the £3 million in payments processed through the Bumper-Volt integration since its launch in January 2024. 

Currently available in the UK, the integration will accelerate the rollout of Bumper’s open banking offering across other European territories.

Richard Drury, VP of Partnerships at Volt, said: “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. 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.”  

Jack Allman, CCO and Co-Founder at Bumper, said, "The move to Volt as Bumper's Open Banking payment provider will have a huge impact on functionality for our partnered dealerships and their customers, providing them with a frictionless account-to-account payment experience. 

"This new partnership enhances our open banking infrastructure with increased functionality including settlement accounts, real-time notifications and refunds. These developments will increase operational efficiency and automation across all users, whether they work in accounts, sales or service.  

“Additionally, Volt’s global payment network facilitates Bumper to roll out our Open Banking product across Europe in the near future. We're incredibly excited to have launched this next phase of our Open Banking platform and can't wait to see the increased value this new iteration will bring to our partners." 

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