Volante Technologies and FIMBank extend Cloud Payments collaboration
By Edlyn Cardoza
Volante Technologies, a global leader in cloud payments and financial messaging, recently announced that FIMBank, a leading provider of trade finance, factoring and forfeiting solutions, will extend their relationship with Volante by deploying additional payment rails and components from the Volante Payments as a Service (PaaS) cloud-native payments processing platform.
The collaboration began in 2018 when FIMBank selected Volante’s service, running in the cloud on Microsoft Azure, to process inbound and outbound SEPA payments for the bank’s corporate customers. Building on the success of this relationship, the bank will now use the service to facilitate their switch to clearing and settlement via the Central Bank of Malta.
Gilbert Coleiro, CIO, FIMBank, commented, “We collaborated with Volante to help us implement the first step of our innovation programme – processing SEPA payments in the cloud. Volante’s PaaS is now a core part of our mission-critical payments business. Its extensibility will allow us to easily participate in new schemes like SEPA instant, expand cross-border capabilities, and smooth our migration to ISO 20022. By doing so, we will be able to deliver data-rich 24×7 instant payment experiences to corporations, no matter where or when they do business.”
Gareth Lodge, Senior Analyst, Global Payments, Celent, noted, “Banks and financial institutions face stiff competition for corporate business on all fronts: larger global banks, smaller challengers, fintechs and bigtechs. The key to rising above the competition is rapid payments modernisation. More than ever, that means adopting cloud-native as-a-service platforms for payments processing, particularly instant payments. The benefits are clear: faster time to value, greater resilience and scalability, lower costs, higher margins, and ultimately superior customer satisfaction and market share.”
Vijay Oddiraju, the CEO, Volante Technologies, added, “We are delighted to see FIMBank expand its relationship with Volante by using our cloud Payments as a Service for more of its mission-critical payments needs, including SEPA instant processing. FIMBank has recognised that the cloud can accelerate its modernisation journey and eliminate legacy limitations, giving it the freedom to evolve in whatever direction it chooses for itself and its customers. We look forward to continuing to support FIMBank throughout this journey.”
Recently, IBS Intelligence reported that Mambu and Volante Technologies announced a pioneering collaboration to rapidly help banks and lenders modernise their banking and payment infrastructures.
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February 28, 2024
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