back Back

Volante Technologies launches service to accelerate ISO 20022 payments modernization

By Joy Dumasia

March 16, 2022

  • API
  • Celent
  • Cloud Payments
Share

Volante Technologies, the global leader in cloud payments and financial messaging, announced the launch of the Volante ISO 20022 Service. This value-added service simplifies the complexity of ISO 20022 modernization for any organization involved in processing payment messages, from banks and financial institutions to FinTechs and payment service providers (PSPs).

Such organizations face significant headwinds in achieving ISO 20022 message compliance, whether for domestic clearing and settlement or cross-border payments. Many still rely on legacy systems that cannot be updated to ISO 20022 or require major upgrades to accommodate the new standard and its extended data capabilities.

According to Gareth Lodge, Senior Analyst at Celent, “87% of global high-value clearings will be ISO 20022 by 2025. This poses acute difficulties for larger financial institutions who operate in multiple countries and regions and must balance a constantly shifting landscape of market infrastructure deadlines with limited IT resources and budgets. Even without legacy constraints, de novo banks and PSPs also face challenges, as they must find ways to differentiate from their established competitors by going beyond compliance to deliver value from ISO 20022.”

The Volante ISO 20022 Service enables financial services, developers and architects to address these challenges by easily incorporating value-added ISO 20022 modernization capabilities into their applications. The service, built-on Volante’s proven low-code technology, contains microservices-based APIs for initiation, transformation, and translation of ISO 20022 messages to and from legacy formats.

The APIs can be deployed in an organization’s data center or private cloud or consumed as a service in Volante’s secure cloud. Volante offers a free cloud sandbox for all deployment models, enabling customers to test the catalog of ready-to-consume APIs before using them in mission-critical production applications, facilitating seamless upgrades as standards evolve.

Organizations adopting the Volante ISO 20022 Service for their compliance and migration programs will enjoy a wide range of benefits. They will be able to extend the life of their legacy systems, protecting their businesses from change. They will also be able to quickly build value-added services based on the standard’s extended/rich data features and accelerate time to market for such services by eliminating hand-coding. Other benefits include improved performance for end-to-end processing, higher straight-through processing (STP), and cost reductions of 60% or more compared to traditional ISO modernization approaches.

Nihit Ahuja, Global Business Head – Platforms, Volante Technologies, said: “At Volante, we are proud of our 20+ year history of delivering financial messaging standards-based, low-code services for application developers. We also have extensive experience working on ISO 20022 modernization programs with leading financial institutions. We are delighted to be making this expertise available to developers everywhere in the form of easily consumable APIs through our ISO 20022 service, on or off the cloud.”

“This is just the beginning,” continued Ahuja. “We are investing heavily in our roadmap, enhancing our low-code platform to enrich this new service and bring new value-added services to the market.”

Previous Article

March 16, 2022

NextPlay Technologies partners with TruCash Group of Companies to launch NextBank Payments

Read More
Next Article

March 16, 2022

Nium introduces new global brokerage payments solution

Read More








IBSi Daily News Analysis

cybersecurity

April 18, 2024

API

GCC banks bolster Cybersecurity measures to combat email fraud

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

April 19, 2024

Cashflows partners with National Association of Funeral Directors

Read More

April 19, 2024

Ant International set to create digital business centre in Malaysia

Read More

April 19, 2024

Opn appoints Vaden Landers as President and CEO of MerchantE

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023