Volante Technologies, a global leader in the provision of innovative financial data integration, today announced an OEM agreement with SAP, a market leader in enterprise software and software-related services.
The agreement relates to the new cloud-based service, SAP Financial Services Network, that can connect financial institutions and other financial service providers with their corporate customers through an SAP-owned and highly-secure network service. The on-demand service will offer, at its core, multi-bank and multi-corporate routing as well as multi-format documents. The solution is designed to provide this multi-party connectivity via a single channel helping to automate transactions, reduce payment rejection rates, ease reconciliation and deliver enhanced visibility to corporate treasury departments.
Volante will contribute validation, mapping, transformation and enrichment of bespoke or industry standard messages across a wide spectrum of financial service offerings. Volante's financial message integration capabilities embedded in SAP Financial Services Network can help ensure that banks and corporations shorten the onboarding process while also helping to reduce cost and profitability impact for banks, thus working to enable faster and efficient customer service from the outset.
Volante Technologies' cloud-enabled solution is a key component of the financial message integration layer of SAP Financial Services Network. Volante provides domain knowledge and in-built support for financial payment message standards including SEPA, FedWire, ACHs, SWIFT MT, ISO 20022, EDI, and proprietary messages. Volante's ongoing message format maintenance and version upgrades help ensure clients' internal systems are isolated from changes in financial industry messaging standards.
The use of Volante's technology to manage the transformation of payment messages helps ensure that payment messages are easily readable by all parties involved, improving efficiency and straight-through-processing (STP). Volante Technologies' off-the-shelf, scalable solution has been optimized for the cloud and is designed to integrate with any existing infrastructure.
Vijay Oddiraju, CEO, Volante Technologies, said, "We are delighted that our technology has been selected for SAP Financial Services Network. Owing to the complexity of customized solutions, client onboarding and the ability for customers and banks to communicate and quickly transact with their customers can be a major challenge. By working together, we hope to offer a simple integrated messaging component in SAP Financial Services Network to help benefit SAP customers."
Achim Kraiss, VP, SAP Products and Innovation, SAP, added, "One of the key challenges our customers face is the complexity of managing the many standards in payments, not to mention further regional and country specific variations. As an organization that has been helping firms simplify the complexity of data and process integration for over a decade, we expect that Volante Technologies will be the perfect solution to help our customers meet these challenges, and we have been impressed by its track record. Through this agreement, we hope to use Volante's technology expertise to manage the diverse and complex world of standards and proprietary messages, thus simplifying the task of bringing clients onto our new, cloud-based network."