Supports the validation, transformation and routing of payment messages to drive business growth
In today’s complex global financial marketplace, payments come to financial institutions in many different formats and standards, making the task of identification, validation, transformation and downstream routing extremely time consuming, costly and fraught with risk.
Volante’s Embedded Preprocessing solution eliminates those challenges and provides access to the latest payments innovations without the need to replace your existing systems – while also improving customer service and experience. The solution works alongside your current infrastructure to unify payment types and messages, adding ISO 20022 native capabilities, into a consolidated system. By unifying payment types and messages, banks benefit from complete visibility across the business. Adopt new payment methods more easily and lower the barrier to digital payment channel adoption for your customers. Smart routing provides your customer’s the best payment options available based on business need, whether that’s fastest or cheapest routing, or rooted from customer and account preferences.
Increased STP means more messages can be passed faster through the firm’s systems, allowing more payments – or other messages – to be processed quickly and efficiently. Automated technical onboarding allows for quick and easy format transfers, allowing new business to be brought on board quickly, with few staff resources required.
A single dashboard view provides mission critical information in one consolidated view, allowing for easy monitoring and analysis. This “bird’s eye” view allows financial institutions to quickly and easily identify trends, avoid trouble spots and make informed business decisions. Users can quickly and easily access the information they need to do their job, and make decisions without being distracted by information they don’t need.
The system allows financial institutions to have a single view of all payments transactions, globally. This not only allows them to manage their volume growth and monitor and analyze their data, but also allows them to pass along the same benefits to their customers. Customers can thus have a consolidated view of their payments even if their own ERP and treasury management systems aren’t integrated or can’t provide the same integrated view. Smart routing enables banks to provide their customers payment options for fastest routing, at least cost or based on customer or account preferences depending on business need.
Our automated system reduces the risk of manual misconfiguration and other errors. The solution is designed to seamlessly integrate with any processing hub, ERP system, meaning no disruption to a firm’s day-to-day operations. Using the solution, the steps that require manual intervention are greatly reduced thus helping to minimize risk and save valuable staff time. Managing messages through one central system also reduces the number of interfaces and systems required, further reducing IT and resource costs.
Effective Preprocessing: The Path to Faster Payments Modernization
In this paper from Aite-Novarica Group, we explore the friction that exists in corporate payments and how preprocessing can help financial institutions to accept a broad set of file formats with file transformation capabilities, lower the barrier for corporates to adopt new payments channels and unlock new revenue streams, and offer smart routing capabilities to improve customer service – all while modernizing at lower cost.
Over 125 financial institutions globally power their payments processing with
Volante’s VolPay is the underpinning technology for our cloud-native payments solutions for banks and financial institutions of all sizes. It provides a complete ecosystem of business services for payments modernization. The solution is API-ready, ISO 20022 native, unifies domestic and international payments processing, end-to-end, and provides real-time processing rails, with over 100 networks supported.