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SouthState Bank partners Volante Technologies for real-time payments

Tuesday 18 April 2023 08:41 CET | News

US-based cloud payments provider Volante Technologies has partnered with SouthState Bank to improve the latter’s payment options.

 

Specifically, the partnership will allow SouthState Bank to leverage Volante Technologies’ Real-time Payments as a Service, which is a cloud-native, microservices-based solution that is ISO 20022-fluent. The low-code solution supports real-time 24/7/365 payments and provides multi-rail payments operations with an improved time to market. Through this system, SouthState will be able to pick and choose components depending on specific use cases. 

Furthermore, the product helps banks consolidate functions such as risk, fraud, and sanctions screening across all services with the goal of minimising ancillary support service requirements. In essence, the bank gains the ability to provide more with less, which translates to a reduced cost for clients. 

The partnership is in line with SouthState Bank’s multi-year banking-as-a-service strategy, which has the primary aim to widen the bank’s portfolio of payment offerings while enabling clients to conduct business with improved efficiency and security. 

SouthState officials cited by crowdfundinsider.com put this new partnership in context by revealing that they were looking for a way to enable payments as a service for FedNow and RTP, which is why they needed a new technology partner for their banking-as-a-service offering. They also emphasised that Volante Technologies will allow them to innovate their products and services while adapting to changing market conditions.

 

US-based cloud payments provider Volante Technologies has partnered with SouthState Bank to improve the latter’s payment options.

 

More information about Volante Technologies

Volante Technologies is a global provider of cloud payments and financial messaging solutions. The company serves as a trusted partner to over 150 banks, financial institutions, market infrastructures, clearing houses, and corporate treasuries in 35 countries. 

The company partnered with Canada-based KPMG in March 2022 to provide ISO 20022 and real-time payments readiness diagnostics. The result of this partnership was that banks and payment service providers could start their real-time payments journey with The Clearing House RTP and prepare for new instant payment schemes as they become available.  

In addition, financial institutions gained the ability to modernise their legacy wire and ACH payment systems, while positioning themselves for new payments trends such as embedded banking and becoming compliant with ISO 20022. 

In the same month, Volante announced the launch of the Volante ISO 20022 Service. This is a value-added service that was designed to simplify the complexity of ISO 20022 modernisation processes for organisations involved in the processing of payment messages, including banks and financial institutions but also fintechs and payment service providers (PSPs).


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Keywords: partnership, real-time payments, cloud services, cloud payments, fintech, banks
Categories: Banking & Fintech
Companies: SouthState Bank, Volante Technologies
Countries: United States
This article is part of category

Banking & Fintech

SouthState Bank

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Volante Technologies

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