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Volante SADC Payments Solution
In response to the requirements of the new Southern African Development Community (SADC) payments initiative, which requires all banks to convert their regional low value cross border payments into ISO 20022-based messages, Volante have collaborated with Bytes Universal Systems, our local Southern African partner to create a comprehensive set of software and services designed to enable any bank in the SADC region to efficiently convert their payment processes to be SADC compliant.
The Volante platform offers a model-based development environment used to construct proficient financial message processing. Combined with pre-built SADC libraries containing all the necessary rules, Volante delivers an extremely powerful, flexible, and cost effective SADC payments conversion for any financial institution in the region.
What is the SADC payments initiative?
The SADC cross border payments initiative is an important step forward on the road to an integrated, efficient, and reliable payments infrastructure for the Southern African Development community. The new service will eventually cover up to 14 of the fastest growing economies in the world, providing a single, standard way to cost effectively exchange low value payments between each country.
Through this initiative, the community is also seeking to address key developmental themes such as financial inclusion, service transparency, and payment security.
The service itself is based on the internationally recognized and accepted ISO 20022 payment message standard, implemented with specific SADC based validations and recommended process flows.
What challenges do payment processors face?
There are 7 different ISO 20022 messages available with 13 exception flows defined by the rulebooks. Over the coming years, financial institutions in the region will have to implement support for sending, receiving, and processing messages and adopt the recommended exception process flows within their back office environment.
The implementation of such processing presents a number of challenges for any back office, including the three ‘C’s:
Conversion – the transformation of existing data to new formats with the possible need for further enrichment where data has to be sourced from additional systems. For incoming messages the data will need to be converted into formats that can be consumed by existing systems and reconciled with any relevant transaction.
Compliance – the data and formats of all messages sent must adhere to the published SADC rules. Validations must be applied in the back office and exceptions identified and managed appropriately and efficiently.
Configuration – every back office is different, every operations group has specific needs and processing guidelines, using different environments, set-ups and infrastructures. Consequently, the solution must be configurable, flexible and provide the agility to apply the necessary processes to the specific environment in question.
In addition to addressing the three ‘C’s each organization has to cope with the pressure to deliver a quick time to market for the new service whilst managing build and delivery costs.
What is the Volante SADC solution?
Volante’s SADC solution provides a range of software components that enable any bank to convert their back office to a SADC payments processing environment. Volante’s exceptional development and processing platform for financial messages provides all SADC rules and message components in pre-built cartridges that can be configured to deliver service compliance quickly and efficiently.
The Volante SADC Conversion Pack contains the following components
SADC message rules:
- SADC message library –ISO 20022 messages specific for SADC
- SADC message validations – all relevant standard ISO 20022 validations plus the SADC specific extensions
- SADC exception flows – pre-built message flows in line with best practices as defined in the rulebooks
SWIFT MT message conversions:
Currently many institutions will be sending cross border payments via SWIFT MT messages. The Volante Enabler framework is delivered with pre-built mappings to and from the relevant SWIFT MT and SADC XML messages, which are:
- MT101 to SADC PAIN.001 conversion
- MT103 to SADC PACS.008 conversion
- SADC PAIN.001 to MT101 conversion
- SADC PACS.008 to MT103 conversion
Volante Development & Deployment platform:
- Volante Designer – message definition, validation configuration, mapping, enrichment and message flow definition
- Volante Persistence Designer – design and create data persistence if required. Ordinarily used for exception processing set up or data enrichment
- Volante Webforms – automated generation of user screens for message capture, repair and dashboard tracking
- Volante Test Simulator – desktop testing of defined models including creation of test data
- Volante Publisher – automated creation of documentation including the detailed description of the implementation defined within Volante
- Volante Run Time code generator – offering choices in deployment environments to fit seamlessly with the target technical environment
The above software components provide a financial institution with a comprehensive set of tools and pre-configured components to apply and configure the SADC compliant payment processing to their existing back office systems.
Implementation & Testing Services
In addition to a comprehensive set of software components, Volante and its partner Bytes Universal Systems have created a powerful set of implementation services to support the successful rollout of the SADC solution within an organization.
From the initial project definition, to design of the overall solution and configuration of the models, testing etc., Bytes is available to provide local support to each bank and offer the required expertise to complete a successful project.
Standard implementation service offerings are available which can be tailored to suit the specific needs of the institution. Some organizations will seek to take on the majority of the implementation work with in-house resources and so training and support consultancy will be the essence of the services package. Other organizations may seek to outsource the project work to Bytes who can support all aspects of the design, build and deployment activities required.
The services on offer include:
- Requirements gathering
- Go live
Powerful Testing packs
As part of any payments migration project, the comprehensive testing of the newly deployed function is critical to the success of the project.
Volante and Bytes have specifically invested in creating a comprehensive set of testing packs, based on market leading financial messaging test practices, powered by specialist provider MicroToMainframe (MtoM).
Each test pack will help to reduce the time of the test phase by providing rules that deliver certainty around results and identify issues quickly so they can be addressed efficiently.
The test packs are a key value-add that differentiates the combined Volante-Bytes offering and illustrate our commitment to a successful and rapid implementation.
The Volante-Bytes SADC payments solution value proposition:
The following are the benefits a bank will derive from implementing the Volante-Bytes solution:
- Quick time to market – pre-built components including conversion, powerful integration facilities, testing packs, automated documentation
- Low risk – proven ISO 20022 payment processing software used by many of the largest banks and payment processors in the world
- Flexibility – ability to configure specific validations, enrichments, conversions, message flows
- Low TCO– bank controlled and managed development and deployment where changes can be applied without recourse to supplier, and software runs within existing environment. Added to these factors that lower the TCO are consistent code generation, self-documentation, plus the maintaining of the base models by the supplier in line with any regulatory changes which are then supported by automated upgrade facilities.
- High ROI – ability to leverage Volante platform for future ISO 20022 based messaging projects and beyond
If you are interested in finding out more about the Volante SADC solution then please contact Mick Fennell, General Manager - Volante Middle East & Africa, firstname.lastname@example.org.