Cloud payments and financial messaging leader, Volante Technologies, introduced its value-added service, Volante ISO 20022 Service. The new service, which is based on Volante’s low-code technology, reduces the operational difficulties of ISO 20022 modernization for organizations in the processing of payment messages, from banks and financial institutions to fintech and payment service providers (PSPs). Organizations that are still dependent on traditional systems that cannot be upgraded to ISO 20022 or require significant improvements to match the new standard and its expanded data capabilities.
“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,” said, Gareth Lodge, Senior Analyst at Celent.
Financial service developers and architects using Volante ISO 20022 services can overcome challenges such as processing payment messages from banks and financial institutions to fintech and PSPs through the inclusion of value-added ISO 20022 modernization capabilities. Initiation, transformation, and translation of ISO 20022 messages to and from traditional formats can be done with the help of microservices-based application programming interfaces (APIs) using Volante’s low-code technology.
A free cloud sandbox will be provided by Volante along with APIs deployable in a data center or private cloud of an enterprise. Users will be able to evaluate the portfolio of ready-to-use APIs before using them in mission-critical production applications, allowing for smooth updates as standards change.
“At Volante, we are proud of our 20+ year history of delivering financial messaging standards-based, low-code services for application developers. We also have extensive experience working on ISO 20022 modernization programs with leading financial institutions. We are delighted to be making this expertise available to developers everywhere in the form of easily consumable APIs through our ISO 20022 service, on or off the cloud. This is just the beginning. We are investing heavily in our roadmap, enhancing our low-code platform to enrich this new service and bring new value-added services to the market,” stated Nihit Ahuja, Global Business Head – Platforms, Volante Technologies.
Volante ISO 20022 Service users will get a slew of advantages. They will be able to extend the life of existing legacy systems, ensuring that their businesses are protected against disruption. Other advantages include better end-to-end processing performance and cost savings of up to 60% as compared to typical ISO upgrade methods.