Volante’s validation service is the first of its kind on the cloud, providing quick API-based access to validate SWIFT messages without the need for in-house configuration and deployment
NEW YORK, LONDON, DUBAI, MEXICO CITY, 18 September 2019 – Volante Technologies Inc., a global provider of technology and software as a service to accelerate digital transformation and payments modernization, today announced it has launched financial message validation on the cloud, available as an Amazon Machine Image (AMI) on the AWS Marketplace.
Volante’s new validation offering is available as a microservice to any users looking to test their SWIFT Standards Release (SR) 2019 messages ahead of go-live on November 17th, 2019. The validation service provides APIs for validating messages, ready for applications to use. The service enhances the validation process by not just identifying valid/invalid messages, but also returning a list of errors encountered. This information helps reduce the frequency and severity of formatting errors, and minimizes the risk of rejected messages. As a result, users will enjoy increased straight-through processing rates, greater efficiency, and lower cost for their financial messaging operations.
The cost for the service is based on hourly use rather than by message count or data usage, making it an affordable and scalable service. In order to improve security, users purchase dedicated hosting services in which they deploy the validation service AMI, giving them complete control and transparency.
Christine Barry, Research Director at Aite Group, commented, “As financial message standards evolve it is important that systems within financial institutions quickly understand the changes and take advantage of what they may offer in terms of potential increased processing efficiency and the business advantages they may bring. Financial technology vendors such as Volante rightly ensure they react as fast as possible to support such changes for immediate advantage to financial institutions.”
Venkat Malla, VP Product Management, Volante Technologies, commented, “We are delighted to once again rapidly provide support for the new SWIFT standards within days of the new SWIFT release. This update is important not just for our clients, but for the industry as a whole, as we continue to support the revolution in the payments industry as it moves increasingly towards a more real-time environment. Volante is fully committed to the SWIFT gpi initiative and by rapidly incorporating the latest changes into Volante’s library of message standards, we are able to help our customers accelerate adoption of this service and, more broadly, embrace new technologies to stay ahead of the curve in the rapidly changing financial services industry.”