Software company Volante has launched a new digital payments processing hub, designed to assist shorter clearing and settlement cycles.
VolPay Hub, launched at Sibos in Singapore, is the third in the VolPay suite and allows the integration of payments streams from any source, in any format.
Volante’s head of payments product Nadish Lad explains to GTR what separates the new solution from both its predecessor and its competitors’ systems: “VolPay Hub’s interface offers guided configuration with very limited coding and its extensive library of message standards plugins and transformations enable enhanced flexibility and speed and gives the competitive advantage of rapid time to market and revenue. This also means that financial institutions will depend less on external vendors for the incorporation of additional payment flows and changes. Less time, cost and complexity for deployments.”
The solution is geared towards commercial banks, however Volante claims that “large complex corporate enterprises may choose it to help them in specialist payments processing” situations.
The company is already involved in two VolPay Hub projects: one with a Latin American bank, and one in North America. The names of the clients remain confidential.
Vijay Oddiraju, CEO of Volante, says: “Today’s payments environment is far more dynamic with the continuing emergence of new payment sources and ever-increasing volumes. These new payment flows present revenue opportunities for financial institutions but also require specialist processing systems or the modification of existing systems to bring flows online.
“We know that financial institutions are often at the mercy of external vendors when it comes to implementing the necessary changes to their processing capability – this often takes time and considerable expense amongst other complications. VolPay Hub empowers financial institutions to make those critical changes themselves. This enables firms to be agile in their reaction to new business opportunities and furthermore remain compliant in the face of changing regulation.”