- Business model flexibility for the bank – VolPay Gateway offers the bank the flexibility to choose a partner bank or a clearing venue without having to implement technology changes. This means a bank can ‘shop’ and partner with the best ‘provider’ based on volume, corridor, and customer base, etc. and in turn transfer the benefits of that deal as a competitive offering to the customer
- Acceleration, thanks to out-of-the-box clearings availability – Using its rich, maintained and growing library of hundreds of global standards, VolPay Gateway immediately provides access to most of the common clearings. This means that the bank can approach new clearings as a plug-and-play experience rather than that of an expensive and time consuming IT project involving programming and detailed testing cycles.
- Self Sufficiency – Since partner banks’ formats are not standardized, if the bank wishes, they can easily create and add their own partner bank profiles and formats as needed. Any confirmations can also be managed through the confirmations framework. This flexibility allows the bank to remove any dependence on vendors or external specialists and associated costs.
- Insulation against Changes and Regulation – Any industry changes within the clearings or industry endpoints are managed by Volante on a day to day basis and provided as upgrades as part of the maintenance arrangement. This means that the bank need not be concerned about regulatory change. The budget for any such variations in the near future can now be significantly reduced.
- Simplified technology architecture – The bank can now concentrate on a canonical payment processor, for example VolPay Hub, and manage the complexity of endpoints in a completely separate system. The core orchestration payment processor will remain independent of any complexities, variations or changes in the destination endpoints.
- Time to market – When a bank needs to adopt a new clearings/partner bank, their core system could remain untouched and the new endpoint is managed in an independent system. This means that the testing and deployment effort required in the core payments system is dramatically reduced.