TrueLayer vs Volt: Which Pay-by-Bank API Is Faster for UK Businesses?

The information in this article is based on publicly available data from TrueLayer, Volt, and other sources as of June 2025

More UK businesses are moving away from traditional card networks in favour of Pay-by-Bank APIs. The promise? Lower costs, fewer chargebacks, and much faster settlement.

But not all providers offer the same speed or the same infrastructure.

TrueLayer and Volt are two of the UK’s top contenders in the open banking space, each providing powerful account-to-account (A2A) payment capabilities. Both claim to offer “instant” settlement. Yet under the hood, their approaches differ: one prioritises full-stack Open Banking access with developer control, while the other optimises for real-time payment speed through network-level routing.

If you’re deciding between TrueLayer vs Volt, this comparison will help you understand how they perform in practice, especially when it comes to:

• Actual settlement times across UK banks
• API capabilities and use case alignment
• Which is better suited for recurring payments, batch payouts, or ecommerce checkout flows

What Is TrueLayer?

TrueLayer is a London-based open banking provider founded in 2016, known for offering developer-friendly APIs that power both financial data access and real-time payments. It’s one of the early players to commercialise PSD2 infrastructure in the UK, and today it serves a wide range of fintechs, marketplaces, and digital platforms.

Its flagship product, PayDirect, is used by brands like Cazoo, Zopa, and Revolut to enable instant account-to-account payments, eliminating card fees and speeding up cash flow.

Key Capabilities:

• Instant A2A Payments: Direct transfers between bank accounts via the Faster Payments Service
• Payouts and Refunds: Seamless outbound payments and automated refunds
• Variable Recurring Payments (VRPs): Live in the UK for sweeping and merchant-initiated payments
• Account Verification and Data Access: Useful for onboarding, lending, and affordability checks
• PSD2-Compliant APIs: Available in the UK and across several European markets

TrueLayer positions itself as a full-suite open banking platform, enabling businesses to move money and access data through a single integration. It’s especially attractive to engineering teams looking for customisation, flexibility, and security across the entire user journey.

Looking for an Affordable Paybybank Provider? -> Checkout

What Is Volt?

Volt is a UK-based fintech founded in 2019 that focuses solely on one thing: real-time payments infrastructure. Rather than offering account data or multi-product APIs, Volt specialises in building a smarter layer on top of Open Banking rails to optimise speed, routing, and reach.

At the heart of Volt’s proposition is its Instant Payment Settlement Layer (IPSL), a proprietary system that intelligently routes payments for the fastest possible completion. Volt doesn’t just connect to banks; it overlays multiple payment networks and schemes to reduce failure rates and latency.

This has made Volt especially popular with e-commerce merchants, crypto exchanges, iGaming platforms, and FX providers that need fast, secure, high-volume settlement.

Key Capabilities:

• Pay-by-Bank Checkout: One-click A2A payments across the UK and EU
• Smart Routing via IPSL: Accelerates settlement by choosing the best-performing payment rails in real time
• Real-Time Payouts and Refunds: Facilitates instant withdrawals and refunds to verified accounts
• Recurring Payments Support: Offers recurring mandates and VRP equivalents
• Multi-Region Coverage: Active in the UK, EU, Australia, Brazil, and expanding

Volt stands out for its focus on performance, reliability, and smart payment orchestration. It’s built for speed and scale, especially where milliseconds and transaction success rates impact business revenue.

Truelayer vs Volt: Feature Comparison Table

To help you evaluate which Pay-by-Bank provider best fits your needs, here’s a side-by-side breakdown of Volt and TrueLayer, focused on features that directly impact settlement speed, integration ease, and business readiness:

Feature	TrueLayer	Volt
Settlement Speed	Near-instant via Faster Payments; final posting depends on bank responsiveness	Instant via Instant Payment Settlement Layer (IPSL); optimised routing across banks
UK Bank Coverage	95%+ coverage, PSD2-compliant banks	Covers 90%+ of UK accounts; smart-routes based on performance metrics
Recurring Payments (VRPs)	Supported in the UK for sweeping and merchant-initiated payments	Supported via bank mandates; full VRP rollout in progress
Refunds & Payouts	Automated payouts and refunds included in PayDirect	Real-time refunds and instant payouts supported
Multi-Region Support	UK and EU (France, Germany, Ireland, Netherlands, etc.)	UK, EU, Brazil, Australia; expanding to more regions
Developer Experience	Advanced API documentation, sandbox, webhooks	Dynamic APIs, smart routing logic, and analytics dashboard
Target Use Cases	Fintech onboarding, neobanking, marketplaces	Ecommerce, crypto exchanges, FX, platforms needing speed at scale
Integration Options	PayDirect API, VRP API, account info APIs	Volt Connect API, merchant dashboard, network intelligence layer

When Should You Use TrueLayer or Volt?

Both TrueLayer and Volt are solid choices for UK Pay-by-Bank payments, but the best fit depends on your business priorities, technical needs, and use cases. Here’s a practical breakdown to guide your decision.

When TrueLayer Makes More Sense

TrueLayer is well-suited for businesses that:

• Require both Open Banking payments and data access in one platform
• Operate in fintech, lending, or digital onboarding spaces where KYC and account verification are essential
• Want direct control over VRPs (Variable Recurring Payments) for subscriptions, personal finance tools, or automated transfers
• Prioritise developer-first APIs with clean documentation, sandbox environments, and broad financial service integrations

TrueLayer’s value lies in its flexibility and deep integration with UK and EU Open Banking frameworks. It’s a good match for businesses that want to build tailored financial flows or combine payments with insights.

When Volt Is the Better Option

Volt is the stronger choice if your business:

• Needs ultra-fast, high-volume payment processing (e.g. ecommerce, crypto exchanges, iGaming, or FX)
• Is focused on scaling internationally, especially in regions like Brazil or Australia where Volt has active payment coverage
• Prioritises settlement speed and uptime reliability over additional data or analytics tools
• Wants access to smart-routing technology to avoid failed or delayed transactions

Volt’s infrastructure is ideal for merchants operating in time-sensitive, cashflow-heavy environments where payment latency can create business risk.

Summary:

• Choose TrueLayer if your business needs both payments and bank data, or if you’re building a full Open Banking stack.
• Choose Volt if your priority is speed, reach, and smart network routing, especially for checkout, payouts, or disbursements at scale.

Want Faster Settlements Without the Extra Fees? Try Finexer

If you’re comparing TrueLayer vs Volt and find yourself asking, “Is there a simpler, more affordable way to get paid?” Finexer might be the answer.

Designed specifically for UK businesses, Finexer offers real-time Open Banking payments without the complexity or high costs often associated with larger platforms.

Why UK Businesses Choose Finexer:

1. Transparent, Flat Pricing
No percentage-based fees. No markup surprises. Finexer charges a fixed, usage-based rate so you always know what you’re paying, ideal for controlling margins at scale.

2. Instant Settlement Across 99% of UK Banks
Whether you’re collecting from customers or sending payouts, funds typically land in your account within minutes. That means better cash flow and fewer delays.

3. Zero Setup, Subscription, or Cancellation Fees
You only pay when you transact. There’s nothing to install, no platform fee to maintain, and no penalty for pausing or scaling up.

4. Built for High-Frequency Payments
From payroll batches to supplier disbursements and refund cycles, Finexer’s infrastructure is designed for businesses that move money often and can’t afford slowdowns.

5. Go Live in Days, Not Months
Finexer’s modern APIs, clear developer docs, and hands-on support help your team integrate fast, with no complex onboarding, no enterprise bureaucracy.