The product enables financial institutions to support new digital payment channels, regulations, and transaction orchestrations that require new types of processing.
According to Volante, VolPay Hub allows the user to set business rules, orchestration logic and other parameters, including treatments and preferences for each payment channel and payment type being processed.
The application, which can be implemented across a range of major established technology stacks, also includes a payment hub management console with comprehensive search, audit trail and reporting functions on all payment processing activities.
VolPay Hub is currently being implemented at a bank North America and another in Latin America.
Venkat Malla, head of product management at Volante Technologies, said: “In our experience, one of the biggest challenges encountered by institutions and corporates when looking to orchestrate the processing of new digital payment flows is the efficient and quick standardisation and normalisation of that data and subsequent integration with internal systems for process orchestration."
“This amplifies the risk of prolonged implementation timelines, increased cost and importantly, extended time to revenue for any new or modified payment channel. Through its extensive integration tooling and comprehensive streamlined approach to orchestration definition VolPay Hub significantly accelerates time to revenue and reduces the cost of ownership.”