This agreement, implemented initially in South Africa, aims to modernise Standard Bank’s payment operations through Volante’s Payments as a Service (PaaS) platform and Embedded Preprocessing solutions. The collaboration centralises multiple payment standards, aiming to streamline domestic and cross-border transactions for Standard Bank's Corporate and Investment Banking clients.
Volante’s system enables Standard Bank to manage various payment types more efficiently by integrating with the bank’s existing infrastructure. It also supports the bank’s digital transformation strategy, with benefits including simplified processes, improved operational efficiency, and a better client experience.
Standard Bank’s adoption of Volante’s platform also facilitates its transition to the ISO 20022 messaging standard, impacting clients across 18 additional African countries as the rollout expands.
Officials from Standard Bank indicated that the integration with Volante provides continuity and scalability by supporting the bank’s existing network of over 50 clearing and settlement systems. They also noted the partnership’s importance to Standard Bank's growth, stating that Volante's technology aligns with the bank’s needs and operational goals.
The need for efficient and cost-effective solutions in the payments sector was underscored by findings from Volante Technologies’ ‘Payment Modernisation: The Big Survey 2024,’ which identified challenges including the cost and efficiency of cross-border payments, liquidity management, and API integration with bank systems. Volante’s PaaS and Embedded Preprocessing are positioned to address these issues, potentially benefiting Standard Bank’s overall performance and customer experience.
Representatives from Volante Technologies expressed enthusiasm for the partnership, emphasising the alignment between Volante’s technological capabilities and Standard Bank’s goals. They also highlighted the focus on fast deployment, cost reduction, and service enhancement, anticipating that the partnership will enable corporate treasury clients to operate with more efficiency.
Volante Technologies is a cloud-based payments modernisation provider serving financial institutions globally. Offering ISO 20022 compatibility and API-enabled solutions, Volante supports millions of critical transactions daily and works with several of the world’s largest financial and card institutions.
Standard Bank Group operates in 20 African nations along with select international financial centres. With a market capitalisation of USD 19 billion as of mid-2024, Standard Bank maintains a strategic focus on connecting Africa with emerging and developed global markets through a balanced business portfolio.
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