Average customer savings in cost and time using Volante
All financial institutions need an ISO 20022 solution. For large financial institutions with multiple direct market infrastructure connections including SWIFT for cross-border payments, ISO 20022 modernization offers significant opportunities in the form of improved straight-through processing, richer payment data, and enhanced interoperability.
Banks face implementation challenges. ISO 20022 deadlines, migration strategies, and rulebooks vary by SWIFT and payment market infrastructures. Remittance and reference data may get truncated when translating from ISO to legacy standards, which in turn affects transparency and compliance as legacy systems may not process or make use of the enriched data.
Modernizing is easier and faster than you think. With VolPay, it’s possible to address the complex challenges of ISO 20022 migration programs with minimal impacts to existing systems. Whatever the deadlines, it’s in the best interest of banks and financial institutions to begin their ISO 20022 migration journey now.
Volante Technologies and Citi Treasury and Trade Solutions (Citi) are deepening their longstanding relationship to accelerate the bank’s adoption of the ISO 20022 financial messaging standard across its global payments operations. As a result of this collaboration, Citi will be the first Volante customer to offer a unified approach to ISO 20022 migration across the globe.
Only Volante and VolPay for ISO 20022 Migration can help you with the entire ISO 20022 migration lifecycle, from standards compliance through to payments modernization.
VolPay for ISO 20022 Migration addresses the challenges of variable timelines, legacy systems, and data truncation, allowing banks to meet mandatory deadlines without requiring changes to legacy systems
We are excited to continue our partnership with Volante with this investment and we look forward to seeing how Volante will continue to innovate and advance their payment capabilities
We see Volante as an important and innovative player. Its modern, componentized, cloud-native solutions and services will enable financial institutions and payments processors to accelerate adoption of ISO 20022 regulations
ISO 20022 is the emerging standard the financial industry is adopting to establish consistent message and data interchange across all business processes.
There is urgency behind this initiative because cross-border payment messages sent over the SWIFT network are moving to the ISO 20022 standard starting at the end of 2022. SWIFT is mandating this change and will give the industry until November 2025 to migrate.
In addition, payment market infrastructures such as: T2 and Euro 1 in the Eurozone; Fedwire, CHIPS and Lynx in North America; and CHAPS and NPA in the UK are all re-engineering and modernizing their payment platforms and adopting ISO 20022.
These changes will affect any financial institution that sends or receives payment messages, such as corporations, broker/dealers, asset managers, custodian banks, etc.
The benefits associated with ISO 20022 are numerous:
Technology is essential in getting ready for the ISO 20022 migration, whether that means replacing legacy technology altogether, or the quick implementation of spot solutions to help facilitate translation, validation, routing, enrichment, de-bulking/bulking, sanctions/fraud/AML orchestration, and other microservices.
Volante offers interoperable, extensible solutions for a variety of payments needs, all composed of business services from the VolPay ecosystem.
Onboard corporate customers faster and win new corporate clients by automating corporate to bank connectivity
Modernize your payments infrastructure without replacing legacy payment systems
Unify all your payment processing and orchestration functions in a single service ecosystem
Expand your service portfolio with next-generation cross-border payments like SWIFT gpi, Ripple and more
Move from paper to digital by allowing corporations to pay any beneficiary, the way they want to be paid