Volante Technologies to accelerate ISO 20022 payments modernisation

Wednesday 16 March 2022 10:45 CET | News

Cloud payments and financial messaging company Volante Technologies has announced the launch of the Volante ISO 20022 Service. 

This value-added service simplifies the complexity of ISO 20022 modernisation for any organisation involved in the processing of payment messages, from banks and financial institutions to fintechs and payment service providers (PSPs).

Such organisations face significant headwinds in achieving ISO 20022 message compliance, whether for domestic clearing and settlement (TARGET2, CHAPS, Fedwire, among others) or for cross-border payments (SWIFT CBPR). Many still rely on legacy systems that cannot be updated to ISO 20022 at all 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 reportedly enables financial services developers and architects to address these challenges by incorporating value-added ISO 20022 modernisation 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 organisation’s data center or private cloud, or consumed as a service in Volante’s secure cloud. For all deployment models, Volante offers a free cloud sandbox enabling customers to test the catalogue of ready-to-consume APIs before using them in mission-critical production applications, facilitating upgrades as standards evolve.

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Keywords: Volante Technologies, ISO 20022, payments
Categories: Banking & Fintech
Countries: World
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Banking & Fintech

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