Following this announcement, Lakeside Bank selected Volante’s Payments-as-a-Service (PaaS) in order to optimise its SWIFT messaging and to implement end-to-end real-time payments via RTP from The Clearing House, as well as FedNow from the Federal Reserve.
In addition, both financial institutions will continue to focus on meeting the needs, preferences, and demands of clients and customers in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry as well.
Lakeside Bank started its payments modernisation collaboration with Volante and the SWIFT pre-processing in order to ensure ISO 20022 compliance for cross-border payments ahead of upcoming deadlines. At the moment, the partnership is focused on the deployment of real-time transactions with RTP, an initiative that makes a significant advancement in Lakeside’s ability to provide improved real-time treasury services to its clients.
Volante’s flexibility and security will allow the bank to streamline its operations, reduce complexity, and rapidly deploy new payment products, as well as features tailored to the specific needs of clients and users. At the same time, by using Volante’s expertise in real-time payments and its API-driven architecture, Lakeside will be enabled to offer treasury management services that will keep the firm competitive in the global markets.
The introduction of real-time payments will provide significant advantages for customers and collaborators alike, as businesses will be enabled to handle large volumes of transactions, while retailers and service providers will benefit from the immediate availability of funds, improving cash flows and reducing the overall need for short-time financing as well. In addition, companies will have the possibility to execute transactions with improved speed, while also reducing settlement risks and enhancing client satisfaction.
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