Volante Technologies, a provider of cloud payments and financial messaging solutions, has partnered with Banortelto to modernise the bank’s cross-border payment architecture.
Grupo Financiero Banorte is a financial institution in Mexico and is the second largest financial group in the country.
Going forward all Banorte’s related systems, including channels, will connect to Volante’s VolPay to orchestrate and process cross-border transactions.
Volante explained, “Mexican banks have a strong desire to innovate and differentiate, and are looking to work with leading providers that can help them move in that direction”.
Cross-border payments are an area where banks, technology providers, and fintech firms can effectively collaborate to increase industry-wide innovation and broaden the range of business and retail services.
The bank explained that by using Volante it will be easier to manage compliance, identify fraud, and increase straight-through processing (STP).
Banorte will also be able to deliver new products to market faster and offer a greater variety of services across multiple or alternative payment rails.
Ricardo Velazquez, managing director and head of international banking, trade and international financial institutions at Banorte, commented: “We’re on an innovation journey and payments are a very important part of this journey. With Volante, every day is an opportunity to make the daily life of our retail and corporate clients more convenient.”
Luis Melgarejo, vice president, Latin America operations, Volante Technologies, said: “Ultimately, Banorte will be able to lay the foundation for a modern ecosystem to spur financial inclusion and digital transformation. In our constant pursuit to help our clients expand their customer base, navigate change and innovate, we’re proud to collaborate with Banorte.”
