Partnership follows investment by Italian payments champion PostePay in Volante Technologies’ recent $35m growth capital raise
Rome, New York, London, Mexico, Dubai, August 5, 2020 – PostePay, one of the largest Electronic Money Institutions (EMI) in Italy, bringing together Poste Italiane’s assets and expertise in payments and telecommunications, with over 28 million cards in circulation and 1.4 billion card transactions managed in 2019, today announced a partnership with Volante Technologies, a leading global provider of payments and financial messaging solutions in the cloud and on premise. The partnership will further enhance the Poste Italiane Group’s payments modernization programme, including its open banking platform, enabling instant payments and providing a new gateway to traditional interbank networks.
PostePay, part of the Poste Italiane Group, plays a pioneering role in the electronic money market in Italy, steering the shift from traditional payment methods to next-generation digital options and account-based payments.
Volante’s VolPay cloud-native microservices architecture will allow Poste Italiane to support current and future payment rails by offering high levels of resilience and extensibility. The resulting modern scalable end-to-end payments processing infrastructure will allow leading edge customer experience and services for over 14 million Poste Italiane accounts, providing a strategic advantage to constantly innovate in the changing landscape resulting from PSD2 regulation.
As part of its ‘Deliver 2022 strategy’, Poste Italiane is expanding its network of partnerships on a global scale, firmly believing that innovation is essential for a diversified business of its scale to remain competitive at a time when established markets are being disrupted. As part of this strategy, Poste Italiane already launched successful partnerships in digital wealth management, open banking, premium home delivery services and long-haul road transportation. PostePay also took part in Volante’s growth capital raise of $35 million, with other top-tier financial and industry investors.
The partnership with Volante Technologies will further enable the development of innovative products, like Codice Postepay QR code solution, allowing state-of-the-art customer experience and paving the way for further exciting developments. In line with the Group’s strategy, PostePay’s first goal is to inform and guide changes in consumer habits, accelerating Italy’s transformation from cash to digital payments. Through this valuable partnership, Poste Italiane will be able to serve its customers even better.
Poste Italiane, commented, “One of our objectives was to find a partner with whom we could develop common roadmaps for our payment-hub, rather than simply outsource to a vendor for the SCT-INST project. With the payments landscape changing so rapidly, the Poste Italiane Group is investing – alongside other leading global institutions – in a growing company known for its modern, resilient and scalable technology to continue to provide our customers with the most technologically advanced and reliable payment experience. The fact that VolPay is cloud-native proved particularly attractive in that it can offer a variety of deployment models.”
Volante Technologies added, “It is clear that Poste Italiane is constantly looking for ways to ensure that their customers benefit from the emerging opportunities of digital payments. We are delighted that they chose Volante, and that we have the opportunity to help them further modernize their payments landscape with speed, enabling them to become more competitive now and in the longer term. We are confident that we can provide them with the extensibility they require to achieve their future growth objectives in payments.”