Volante Technologies Inc., a provider of software for accelerated end-to-end payments processing and financial message integration globally, has announced today that VolPay Open Banking has been selected by Bank Leumi (UK) to implement PSD2 compliance and enable open banking business models.

By choosing Volante’s Open Banking PSD2 solution, the bank is able to rapidly meet its PSD2 regulatory requirements through an easy to implement, out-of-the-box solution. Leumi UK is also well positioned to continue delivering on its core mission of providing reliable customer-focused relationship services, now through new open banking channels.

VolPay Open Banking’s scalable micro services based architecture, enables banks to rapidly integrate their back office servicing applications, including payment engines and core banking account holding systems, with the front end API management layer, that provides the secure managed access to the banks environment via defined APIs. Building upon Volante’s partnership with Token who provides PSD2 compliant APIs, this complete solution will provide the building blocks for Bank Leumi UK to expand into other value added services, over and above basic compliance, in the global phenomenon of using open APIs for doing business and becoming more competitive against the rising ranks of new Third Party Providers (TPPs).

All VolPay products offer high levels of automation, access to out-of-the-box functionality and inbuilt testing. This dramatically accelerates time to projects completion. For Bank Leumi, this will translate to rapid time to compliance with the PSD2 regulation and Open Banking readiness.

Nadish Lad, Global head of Payment Products, Volante Technologies, commented, “Volante’s VolPay Open Banking solution provides out-of-the-box compliance with EU PSD2 regulation and enhanced capability for a rapid implementation within the bank’s environment. The bank not only achieves compliance quickly, it also helps lay the foundation for the bank’s consideration of future revenue generating channels and opportunities. We commend Bank Leumi for their vision of PSD2 compliance as a stepping stone towards playing a wider role in the open API space.”

Dhavarajh Frank, Chief Operating Officer, Bank Leumi (UK), added, “We looked for a solution that would enable PSD2 compliance quickly without having to make considerable changes to our systems and considered Volante and Token’s PSD2 compliant APIs a perfect one-stop-shop solution to provide this capability. Offering the most compelling propositions to our domestic and international customer base remains a primary focus for the Bank and we believe that Volante’s solution will help us in our overall customer facing capabilities.”

Established in 1902, Bank Leumi (UK) is a wholly-owned subsidiary of Leumi Group, an Israeli banking corporation.

Founded in 2001, Volante Technologies is in the provision of software for the integration, processing and orchestration of payments and financial messages within financial institutions and corporate enterprises.

Token, a technology company and headquartered in San Francisco,  is a regulated Account Information Service Provider (AISP) and Payment Initiation Service Provider (PISP), and Technical Service Provider (TSP).

by Megha Bhattacharya
Market Analyst at IBS Intelligence