Cloud payments and financial messaging provider Volante Technologies Inc. is accelerating market convergence for the Santiago (Chile) Exchange (Bolsa de Santiago), according to a Wednesday (Dec. 9) announcement emailed to PYMNTS.
The exchange can replace its legacy enterprise resource planning (ERP) Software-as-a-Service (SaaS) technology with Volante’s Optimus infrastructure, which was developed to fuel Chilean and regional brokerage houses, and gains a competitive advantage throughout the region, according to the announcement.
“As a trusted partner, our close collaboration to build the future with Santiago Exchange demonstrates our commitment to accelerating digital transformation in the region overall,” said Luis Melgarejo, VP, Latin America Operations, Volante Technologies. “With this first implementation firmly in place, we look forward to continuing this partnership and helping the exchange continue to stay ahead of emerging trends with upcoming initiatives.”
The multi-asset class exchange is the company’s first customer in Chile. It handles 98 percent of the overall volume traded in the local securities market and represents 90 percent of Chilean associated stockbrokers. The exchange can now connect separate systems with its core ERP technology faster and more effectively by putting a solution developed with Volante Designer into place as the foundation to Optimus.
It would be challenging to choose one reason why payments modernization is currently speeding up. But Domenico Scaffidi, head of market infrastructures for Volante Technologies, told PYMNTS in a recent interview that better cloud infrastructure, proven cost efficiencies and pandemic-related lifestyle changes are all partial explanations.
In all, Scaffidi said the modernization process is growing up. He said that “it is interesting to observe that cloud technology and digital transformation are now mature enough so there is [no longer any] lack of trust in security or bandwidth on the bank side.”
Modernization is also speeding up because COVID-19 and consumer desires to keep social distance are heightening the need for payments’ digital transformation. Scaffidi said that things are moving quickly enough that the European Central Bank (ECB) is currently mulling the consequences.