Payments processing and financial message integration company Volante Technologies is expanding its Payments-as-a-Service offering for financial institutions in the U.S.
The company's VolPay-as-a-Service solution will now include corporate-to-bank connectivity, the firm said in a press release Tuesday (April 30), as well as support for corporate onboarding and end-to-end processing for U.S. and cross-border payments. According to Volante, the expanded functionalities of the tool address key pain points for financial institutions, including challenges related to integration and slow onboarding processes.
Volante explained that VolPay-as-a-Service supports management of a range of corporate enterprise resource planning and acknowledgement formats to streamline corporate customer on-boarding for financial institutions, automating the process of connecting businesses to payment service providers via API. ACH, Same Day ACH, Zelle, RCH RTP clearing and settlement, and SWIFT cross-border payments are all supported under the solution.
"With the increasing popularity of Software-as-a-Service models in financial services, this is an ideal time for U.S. institutions to take a close look at their payments infrastructures, and explore managed-service models to support superior business outcomes," said Volante Technologies CEO Vijay Oddiraju in a statement.
The technology operates on the Microsoft Azure platform. Microsoft VP Worldwide Financial Services Janet Lewis said in another statement that Volante's offerings provide "significant advantages to financial institutions who are looking to improve customer service and benefit from a reduction in hardware and software costs by adopting cloud technologies."
NACHA Chief Operating Officer Jane Larimer, meanwhile, also praised Volante for its support of ACH, Same Day ACH and ISO 20022 messaging standard adoption among U.S. financial institutions.
"As-a-Service models are an efficient way to enable the smarter, faster payments capabilities that financial institutions desire to support the evolving needs of their corporate customers," she said.
Last month Volante announced a collaboration with Mexico's Banco BASE to operate its international and domestic payments.