VolPay Foundation case study showcasing the enablement of a cloud based payments processing and orchestration solution

VolPay Foundation streamlines and improves on-boarding payments process for banks and corporates

Introduction

A global market leader in enterprise software and software-related services uses Volante's VolPay technology in the implementation of the financial message integration layer within their cloud offering, enabling seamless connectivity between multiple financial institutions,their corporate customers and other service providers within their recently launched secure network.

Challenge

The challenge of managing disparate regional and corporate specific payment message standards and the ability to enable multiple ERP systems and multi-bank relationships to interface were anticipated to cause delays in on-boarding new customers to the network.

Combined with the challenges of operational prowess to be first to market and to attract new customers at launch and thereafter, meant that the customer needed to identify a payments processing provider with a strong track record of easing integration challenges and improving on-boarding timescales and therefore time to revenue.

Solution

The solution needed to be capable of providing multi-party connectivity in a cloud environment between multiple business silos, custodians, clearing houses, payment services and technology infrastructure providers via a single channel to help automate transactions, reduce payment rejection rates, ease reconciliation and deliver enhanced visibility and transparency.

Volante’s VolPay Foundation product, capable of both cloud and on-premises deployment, was selected to be the message integration layer and provide seamless connectivity. VolPay Foundation provides domain knowledge and in-built, on-going support for financial payment message standards including SEPA, FedWire, ACHs, SWIFT MT, ISO 20022, EDI, and proprietary messages. Volante’s on-going message format maintenance and version upgrades also helped ensure that the network’s users’ internal systems were isolated from future changes in financial industry messaging standards.


VolPay Foundation Components

  • Graphical model-based, code generation automation
  • Proprietary format definition, auto schemas import
  • Validation and conversion logic, pre-defined functions
  • Flexible mapping tools – multiple source and targets
  • Graphical definition of orchestration flows and routing
  • Pre-built, maintained payment message standards (local, regional, global) ISO 20022, SWIFT, ISO 8583, EDI
  • Pre-built conversions to over 50 clearing standards from ISO 20022 canonical format
  • Ability to extend & enhance message formats to support variants/customer specifics
  • Bulk data handlers for batching, sorting and routing
  • Test simulator, desktop testing and test data generation
  • In-built error logging and audit
  • Ability to automate deployment into multiple environments
  • Cloud enabled


Business Benefits

  • Enable multi-channel, multi-bank connectivity
  • Speed up client on-boarding and time to revenue with new services
  • Scalability – the foundation to improve time to on-board as more participants join
  • Increased operational efficiency
  • On-going insulation from the complexity of changing standards
VolPay Foundation case study


Conclusion

The complexities of ever-increasing and changing standards, connecting on-demand payment services, client on-boarding, on-going maintenance and improved communication and transaction rates for customers new to the network were some of the critical challenges VolPay Foundation helped the customer to overcome.

Volante’s VolPay Foundation expertise lies in the ability to validate, map, transform and enrich messages, which enabled the customer to shorten the on-boarding process, reduce costs and improve profitability. The product is founded upon Volante Technologies’ fifteen years’ experience of financial message and data integration, validation and processing know-how.

VolPay Foundation ensured that payment messages were easily readable by all parties involved, leading to improved operational efficiency, increased straight-through-processing and a fully scalable solution. The deployment of VolPay Foundation also ensured that standard integration capabilities were in place so that each time a bank joined the network, the critical process of customer on-boarding was significantly faster.

For a more detailed understanding of what VolPay Foundation can do for your organization, please contact Volante at info@volantetech.com or contact one of our regional offices.

We have several VolPay projects in implementation phase at this time and more case studies will be made available when these complete.