Volante Technologies, which provides payment processing software to leading banks around the world, has launched a new product, VolPay Hub, for the orchestration of financial messages, data and payments.
The company said the payments business has become more challenging with new and alternative payments channels and pressure for shorter settlement cycles even as messages grow more complex.
Nadish Lad, head of payments product at Volante, said the new product builds on the integration work the company has already done. Speaking at Sibos in Singapore, where VolPay was launched, he noted there are a lot of vendor products for payments.
“The problem is time to market because you have to integrate payments with almost every other system in a bank. We can deploy much quicker than any other product on the market because of Volante’s base integration capabilities.” Volante maintains a growing library of over 85 domestic and international financial industry standards plugins.
“With Volante’s integration layers, operations people can do this on their own without going to IT,” added, Vijay Oddiraju, CEO of Volante. ”Ops guys like it because they don’t want to go to IT for small projects, and IT says it is good because they don’t want to waste their time, they want to focus on strategic projects.”
Delivering a payment product that can be implemented by business analysts provides real value, added, Lad, the head of payments product.
“Raising a project in a bank is a killer, because it can take four months to kick off; we eliminate that time lag.”
The new product already has four clients including two top tier banks, Oddiraju said.
VolPay Hub dramatically speeds up the ability of financial institutions to support new digital payment channels and meet new regulations, the company added in its announcement. It enables the quick normalization of payment streams from any source and any payment type through a control console which sets business rules for each payment channel and payment type. The hub has pre-built modules that can be called and used at any point for reference data, FX, AML, billing, accounting and other processes.
The hub can be implemented across a range of established technology stacks including open source options such as JBOSS, Linux, MySQL, Mulesoft, Camel, etc.
“Today’s payments environment is far more dynamic with the continuing emergence of new payment sources and ever-increasing volumes,” said Oddiraju, the CEO. “These new payment flows present revenue opportunities for financial institutions but also require specialist processing systems or the modification of existing systems to bring flows online. We know that financial institutions are often at the mercy of external vendors when it comes to implementing the necessary changes to their processing capability – this often takes time and considerable expense amongst other complications. VolPay Hub empowers financial institutions to make those critical changes themselves.”
