NEW YORK, October 18, 2023 – Volante Technologies, the global leader in cloud payments modernization, today accepted the Global Finance Award for Top Innovations in Finance in the payments category for its ISO 20022 service. The accolade spotlights Volante’s innovative approach to resolving complex payments modernization challenges in partnership with its customers.
The ISO 20022 service is a trailblazing API and SaaS solution for financial message creation, validation, and transformation across a diverse range of domestic and cross-border payment formats worldwide. Its user-friendly APIs automate migration between traditional message formats and modern ISO 20022 equivalents, enabling banks and financial institutions to extend the longevity of their legacy systems and accelerate the introduction of ISO-based services for their customers.
Since launching the ISO 20022 service in early 2022, the payments fintech has amassed a global clientele representing over $7 trillion in assets, including two of the top ten global banks, who benefit from the service’s handling of millions of transactions daily.
“As the technology landscape and customer expectations evolve, financial institutions are increasingly adopting innovative strategies to stay ahead,” said Joseph Giarraputo, Founder and Editorial Director at Global Finance. “Volante Technologies stands out as a beacon of innovation, which we acknowledge with our Top Innovators 2023 ranking.”
“By 2023, ISO 20022-enabled systems are projected to account for 79% of global payment volumes,” said Deepak Gupta, EVP of Product, Engineering & Services, Volante Technologies. “However, achieving ISO 20022 compliance for domestic clearing remains daunting for many, with fewer than one-third of institutions able to deliver compelling modern ISO 20022-based payments products while managing compliance cost-effectively.”
He continued, “Institutions leveraging the latest ISO-based solutions can enhance their customer satisfaction levels, bolster retention, and discover new avenues for growth.”
Given the urgency of global mandates such as SWIFT’s embrace of the ISO 20022 standard and local mandates like the U.S. Fedwire’s transition to ISO 20022 and the UK’s interbank payment initiative (NPA), this is an ideal time for financial institutions to partner with innovative technology providers.
Learn how Volante’s ISO 20022 service can help financial institutions address their ISO 20022 modernization challenges here.