Nacha 2023Cloud Wire Processing for Financial Institutions
$1.4tn
of wire value processed by a Volante customer in a single day
Wires are at the heart of any payments business. Errors in processing – downtime, delays, duplicates and lost payments – cost money, and erode client trust. Banks also need to provide resilient wire services in the face of increasing volumes and demanding SLAs, without adding operational headcount.
The wires landscape is shifting. Banks need to prepare for the future of wires: the coming conversion of Fedwire® and CHIPS to the ISO 20022 messaging standard; the gradual extension of Fedwire settlement hours to a 24x7x365 cycle; and the advent of the FedNowTM instant payment network.
Legacy systems cannot meet the demand. Fortunately, Volante offers a wire payment processing solution for the modern age – U.S. Wire Payments as a Service in the cloud. Our service raises productivity, lowers costs, accelerates time to value, and delivers the resiliency you and your customers need now and in the future.
Read this executive briefing from Mercator to learn why banks should modernize their wire payment system now
US Wires: Mid-Tier Banks
The world of wire payments is changing fast – and so are customer expectations. More than ever before, customers want wire payments to be easy, fast, and reliable. But legacy wire systems are holding banks back and putting them at risk of losing customers if they do not prioritize payment’s systems modernization.
US Wires: Mid-Tier Banks
The world of wire payments is changing fast – and so are customer expectations. More than ever before, customers want wire payments to be easy, fast, and reliable. But legacy wire systems are holding banks back and putting them at risk of losing customers if they do not prioritize payment’s systems modernization.
US Wires: Mid-Tier Banks
The world of wire payments is changing fast – and so are customer expectations. More than ever before, customers want wire payments to be easy, fast, and reliable. But legacy wire systems are holding banks back and putting them at risk of losing customers if they do not prioritize payment’s systems modernization.
Volante U.S. Wire Payments as a Service
End-to-end processing of wires from corporate initiation through to direct clearing and settlement connectivity to the Federal Reserve Funds Service, delivered as a managed service in the cloud
Resilient
- No more missed, delayed, or duplicated payments
- Industry-first active-active-active deployment: zero RTO/RPO
- Scalable to the wire volumes of the world’s largest banks
Efficient
- Dual Fed connections (live+standby) for business continuity
- Easy to integrate with bank systems
- Frees up bank staff to focus on innovation and customer experience
Cost-Effective
- Rapid implementation, 90 days or less
- Pay as you go based on volume
- Shift capex to opex
- Lower per-transaction processing costs
- Reduce TCO by 40%, improve margins
Future-Proofed
- Quickly extensible to other available payment types such as ACH, The Clearing House RTP®, and SWIFT
- ISO 20022 fluent
- Ready for 24x7x365 settlement
Secure
- Completely secure cloud service
- All data owned by bank
- Penetration tests conducted regularly
- ISO 27001:2013 Certified
- SOC 2 Type 2 Attested
Compliant
- 100% compliant with all Fedwire® Funds Service network rules
- Automated compliance updates
- Works with all sanctions/AML solutions
- Federal Reserve-approved provider
Why Volante?
We are creating the building blocks for an integrated payments ecosystem both for today’s needs and for the next generation. This approach allowed us to be first to market with RTP and will also serve us well over the long term
Saket Sharma, CIO, BNY Mellon Treasury Services
Many banks are experiencing significant growth in Fedwire volumes…legacy systems and services cannot manage this growth and cloud-based payment processing services are an ideal resolution
Ed Fandrey, VP Financial Services, Microsoft
The Volante Experience™ brings the speed, lower cost and simplicity of the modern SaaS customer onboarding experience to banks and financial institutions adopting Volante’s cloud-native payments solutions.
Payments as a Service Solutions
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