Part of a range of ISO 20022-based Accelerators underscoring Volante’s commitment to easing the migration to ISO 20022
NEW YORK, LONDON, DUBAI, MEXICO CITY, 9 June 2014 – Volante Technologies, a global leader in the provision of innovative financial data integration, today announced the release of its latest ISO 20022 Accelerator; the SADC Payments IS0 20022 Conversion Pack. The pack is designed to help firms comply with the new harmonized local payments infrastructure being created within the Southern African Region.
The SADC Payments Conversion Pack contains a range of software modules that provides all SADC rules and message components in pre-built cartridges. The combination of pre-built components plus Volante’s proven ISO 20022 payments processing software enables any bank to convert to a SADC payments processing environment quickly and efficiently.
Volante Technologies’ SADC Conversion Pack is another example of Volante’s range of Accelerators engineered to help customers ease their migration away from proprietary or SWIFT MT based messages to ISO 20022. By choosing a Volante ISO 20022 product, firms are able to insulate themselves from changes to future standards as well as leverage the technology for use in other business areas with global and regional ISO 20022 projects.
At the heart of Volante’s Accelerators is Volante’s core product, Designer, which offers a fast and cost-effective approach to compatibility across a range of messaging standards and protocols by handling and processing the definition, validation, configuration, mapping and transformation between message formats.
Volante is dedicated to helping shape the future of the standards landscape in the financial services industry, evidenced by the firm’s memberships of European Banking Association (EBA), Common Global Implementation – Market Practice (CGI-MP) and Card Stakeholders Group (CSG).
With nearly 60 different global initiatives currently in place, most organizations are going to be hit by at least one ISO 20022 initiative in the coming years, or more likely, by multiple ISO 20022 based projects across different business verticals. As more and more global and regional projects will require additional transformations of payments messages, securities messages, treasury data, supply chain finance, and more, banks can no longer afford to focus on a single payments project such as SEPA.
The world is migrating towards ISO 20022-based messages, and firms must prepare a coherent IT strategy that supports centralized ISO 20022-based messaging services, especially to address gaps in vendor and in-house supplied systems that will inevitably occur. ISO 20022 allows for many different variants, versions, transformations, and conversions, and each bank must ensure that they can support all aspects of processing within the time frames demanded by each market initiative. The SADC Payments Conversions Pack not only addresses the immediate needs of the SADC payments project, but also delivers long-term value. By leveraging existing technology, firms can address global initiatives such as SWIFT Remit or regional ones such as SEPA payments for credit transfers and direct debits.