Real-time payments are here, ready to climb aboard for a FREE trip?
17 December 2019
by Deepak Gupta, Global Head, Payments as a Service (PaaS)
Real-time payments are here, transforming the way people and organizations do business. Prevalent in the retail banking space for some time now, corporate and wholesale banks are looking at how they too can innovate the services they offer to attract new customers and retain their current customers. Corporate customers are used to having instant payments and other payment innovations in their personal lives, whether through Paypal, Venmo, Zelle, eBay, Amazon or any other number of new convenient, innovative apps springing up every day. With this technology now feeling natural to them, they expect the same kind of innovation and convenience in services offered to them when it comes to corporate payments services. As you can imagine, this is putting a lot of pressure on corporate, wholesale and correspondent banks to innovate.
When it comes to innovation, for tier one banks, this is not too much of a challenge, for they have the time and resources available to explore and experiment with payment innovation and real-time payments themselves. But what about the smaller banks? The cost, complexity and risk of implementing innovation in payments, including real-time/instant payments, means they’re reluctantly but “safely” choosing to “wait and see” for real-time/instant payments to become more established before jumping in. Meanwhile, these smaller banks are risking losing out on developing exciting new products and services in order to capture new customers and not risk losing existing ones to the competition. Volante wants to change this and make real-time/instant payments easily accessible to all banks regardless of size, to spur on innovation in payments and improved service offerings.
To this end, we are now offering VolPay RTP / instant payments processing as a service on the cloud for FREE to financial institutions around the world. We want to be the instigators of change by helping banks and corporates embrace innovation, regardless of size, and participate in this global RTP phenomenon as a foundation for innovation in payments. We are able to offer this because our VolPay payment processing solutions are truly cloud native and built as an ecosystem of business services that can be easily and quickly configured. This enables organizations to quickly create and experiment with innovative services that can be offered for any part of the entire payments lifecycle, from the point of payments capture right through to payments clearing.
Since the very beginning, Volante has worked to simplify the complexity of change while increasing automation in financial message handling and in payments processing. Offering FREE real-time/instant payments processing on the cloud as a service is an important initiative on our part to uphold the principles we hold dear – encouraging financial institutions to be innovative, offer their customers new and exciting services in a highly efficient, profitable and agile way.
We know what you might be thinking, that this FREE offer is too good to be true, but we promise there’s no catch. We are encouraging banks to take up our free real-time/instant payments processing service to use over a 3 year period with either TCH in the US or SEPA TIPS or RT1 in Europe, with the option to walk away at any time with no penalty or quibbles. We are also providing free implementation for banks to start leveraging our RTP platform.
Of course in this time period we will be hoping that you will so appreciate using our VolPay payments processing services in the cloud that you will stay with us for all your payments needs, whether to help quickly on-board corporate clients, provide internal and external checks in the payments processing flow, or providing connectivity to clearing houses. By using VolPay for end-to-end payments processing, you will be able to quickly, easily experiment and innovate and grow and retain your customer base as they will enjoy the convenient and enhanced services you will be able to offer.