Designed to expedite payment integration projects, speed-up client on-boarding and deliver a quicker time to new revenue streams for end-users
NEW YORK, LONDON, 20 April 2015 – Volante Technologies, a global leader in the provision of financial message and data integration, validation and processing software, today announced the launch of VolPay Foundation.
Over the past 15 years Volante has been called upon by banks and corporates implementing payment systems to help deal with specific challenges in message and data integration. Time and again it has been shown that some of the largest challenges that organizations face when implementing a new payments system is in integrating not only with other internal systems, but also domestic clearing channels, corporate customers and the correspondent banking network. These challenges often result in huge implementation cost overrun and delayed time to realizing revenue streams. VolPay Foundation has been created to deal with these challenges and promises to support a smoother payments implementation, on time and on budget.
VolPay Foundation is a development platform designed to ease the challenges of payment integration and payment processing projects. The platform is highly optimized and designed specifically to address integration issues facing the digital payments age.
The digital banking era continues to drive the revolution in payments, causing banks and corporates to expand their capabilities to deal with new payment channels, new payment instruments, new markets, new standards and new competitors operating in their space. These financial institutions continue to recognize that they need to overhaul their payments systems or choose a payment channel integration solution in order to remain competitive. Volante Technologies has fifteen years’ experience in tracking and handling integration complexity, so firms can take full advantage of their commercial opportunities by increasing operational efficiency and reducing cost.
Volante’s heritage is founded upon the ability to reduce the development lifecycle for integration projects and ensure compliance to changing message standards. The VolPay Foundation follows this principle by accelerating and condensing each step of the development and deployment process for payment message definition, validation, orchestration and transformation.
The VolPay Foundation development platform which includes a suite of modular tools has been developed to address payment integration issues. Functional components of the product include graphical model-based automated code generation, validation and conversion logic, mapping tools, proprietary format definition, industry standard payments plug-ins, an ISO 20022-based payments canonical model and the ability to design a payment integration code – all with typically very limited hand coding. The platform also includes pre-built and maintained payment message standards and pre-built conversions to over 50 clearing standards to ensure support for a growing number of clearing and settlement mechanisms (CSM).
Vijay Oddiraju, Chief Executive Officer, Volante Technologies, said, “The payments world is moving and evolving rapidly. Banks and corporates need to keep up with new payment sources, participants and systems, yet must adhere to increased compliance requirements while meeting customers’ demands for greater transparency within their payment processing systems. Balanced against a desire to be quicker to market, firms are increasingly looking to Volante to help ease these pressures. Today’s payment solutions must be more efficient, more cost effective, less time consuming to implement, more flexible and be able to support more open processes and deliver reduced risk.”
Vijay Oddiraju continued, “Our customer base, in excess of eighty firms operating across twenty-six countries, shows that we have a proven track record of removing the complexity of integration projects. Whether financial institutions choose to incrementally enhance current systems or introduce separate payment services, the complexity cannot be underestimated. Using VolPay Foundation, our clients are able to automate and enhance the integration, production and maintenance capabilities of their architecture and implementation projects.”