NEW YORK, NY, May 7, 2024—Volante Technologies, the global leader in payments as a service, today announced its achievement of Fedwire® Funds Service certification for the ISO 20022 messaging capabilities of its wire payment processing solutions. This certification provides Volante customers a streamlined fourteen-week pathway to ISO 20022 compliance for their wire payments operations. It also allows banks to expand their modernization journey by adding additional rails from a single platform when the opportunity arises.
This announcement comes at a crucial time. According to the Federal Reserve’s current high-level schedule, banks have less than one year to comply and make their systems understand this new language to continue facilitating essential high-value USD financial transactions. Institutions are also required to complete readiness testing by December 31, 2024—just eight months away.
Institutions should leverage this transition to achieve compliance but also to differentiate themselves and offer advanced wire payment services that utilize the extended data capabilities of ISO 20022, preparing for Fedwire® Funds Service’s future enhancements like 24×7 operations.
Gareth Lodge, Senior Payments Analyst, Celent
Gareth Lodge, Senior Payments Analyst at Celent, emphasized the urgency and challenge of this transition. “The deadline for ISO 20022 compliance is a must – either through transformation or full replacement. Banks failing to meet this mandate will be unable to execute wire transfers via Fedline Direct.”
Lodge also highlighted the opportunity presented by the new standards. “Institutions should leverage this transition to achieve compliance but also to differentiate themselves and offer advanced wire payment services that utilize the extended data capabilities of ISO 20022, preparing for Fedwire® Funds Service’s future enhancements like 24×7 operations,” he said.
Volante’s ISO 20022-certified solutions cater to immediate compliance needs and longer-term, strategic wire-payment system modernization and replacement. Institutions can initially employ Volante’s ISO 20022 Service as an intermediary transformation layer between their legacy wire processing systems and the Fedwire network, ensuring full compliance within 14 weeks. Subsequently, institutions can fully replace their outdated systems with Volante’s U.S. Wire Payments as a Service—a native, 24×7-ready ISO 20022 solution for processing wire payments from initiation to clearing and settlement ready.
Deepak Gupta, EVP of Demand Fulfillment, Volante Technologies, said, “Having obtained Fedwire® Funds Service ISO® 20022 certification, we are uniquely positioned to bring the benefits of the new messaging standard to any institution processing wire payments, helping them meet stringent compliance deadlines and modernize their wire processing infrastructure.”
Outlining his broader vision, Gupta continued, “Our experience enabling global and domestic banks to harness the benefits of ISO 20022-based payments enables us to offer institutions a single platform for the rapid rollout of new payment rails, including connections to the FedNow® Instant Payment Service and other domestic and cross-border payment types. This way, we help our customers future-proof their investments.”
Volante serves seven of the top ten U.S. banks, handling millions of critical transactions daily. See here for more information on how Volante can assist in modernizing wire payments and achieving ISO 20022 compliance in just 14 weeks.
