Cloud payments and financial messaging provider Volante Technologies, has announced the general availability of its preprocessing platform to help banks validate, transform and route their payments messages.
Volante Embedded Preprocessing manages payment validation before it reaches the bank processing hub or core, enabling institutions to process more messages, reduce investigations and increase straight-through processing.
It also provides a set of standardised APIs that integrate with the banks’ existing infrastructure such as processing hubs as well as core and enterprise resource planning systems. Clients can pass on these benefits to their business clients as they provide a consolidated view of all payments — even if the clients’ existing enterprise-resource planning (ERP) and accounting systems do not consolidate payments information.
Volante claims the solution will reduce cost of ownership by 40 per cent. In addition, business clients can expect to reduce their onboarding times by 60 per cent.
They will also be able to select a variety of payment options and channels based on new routing capabilities that use business rules for the fastest, cheapest routing or based on their personal or business preferences.
The solution has already been integrated into a South African financial institution and a regional business bank in the US.
Deepak Gupta, senior vice president and global head of payments-as-a-service at Volante Technologies, says: “Businesses need the ability to choose how they make each payment.
“By introducing Volante Embedded Preprocessing, we want to remove any friction that stems from offering new payment options. It’s all about helping banks build brand loyalty and offering smaller banks the same modernisation options as their larger peers.”
