BT today announced that it has teamed up with Volante Technologies — a leading provider of financial data integration and processing software — to offer convenient access to Volante’s full suite of tools and applications via the BT Radianz Cloud, the world’s largest secure networked financial service community.
The move will help BT’s global financial markets customers improve the reliability of their clearing, settlement and payment transactions processing, as well as reducing cost and increasing productivity.
Organisations conducting high-value transactions often have to use different message standards for each market in which they operate. Previously, this involved maintaining separate systems for each message format. The Volante tools and applications — which includes Volante Designer and the VolPay suite of payments processing products — simplify this process as they can translate any type of financial message between different standards.
This creates cost savings while cutting the risk of error and failure associated with transferring messages from one system to another. It also allows organisations to communicate in multiple formats by translating each message associated with a transaction into the format used by the receiving organisation. Volante software supports over 330 proprietary, legacy and standards-based message types and transformations, including ISO 20022, FIX Protocol and FpML.
The suite of tools and applications also helps organisations to quickly and easily set up new payment channels when they want to connect to a new counterparty. And the software automatically updates when changes are made to industry standards.
The new Volante software is the latest addition to the extensive range of applications already available to members of the Radianz Cloud community, which this year celebrates its 15th anniversary. Members include the world’s leading brokers, institutions, exchanges and clearing and settlement houses.
Volante’s software complements BT Radianz Messaging, a fully managed and highly secure end-to-end financial messaging platform for the confidential and authenticated exchange of information. Radianz Messaging supports a variety of financial message standards and ensures that messages are exchanged reliably and securely, every time with the reassurance of non-repudiation, meaning there is no dispute that a message is received exactly as it was sent.
Vijay Oddiraju, chief executive of Volante Technologies, said: “Volante Technologies has a long standing track record in helping a wide range of financial institutions and corporate enterprise clients improve their financial message and payments data integration processing.
“The combination of Volante Technologies’ software and BT Radianz Messaging services will help firms deal with the diverse, complex and ever-expanding mass of data message formats, standards and protocols generated throughout the life-cycle of every financial transaction. This helps to keep customers abreast of developments in the market and removes the burden of updating systems. We look forward to working with BT to help our clients reduce cost and risk by improving their straight-through-processing rates and increasing operational efficiency and business agility.”
Ashish Gupta, president, UK corporate and global banking & financial markets, BT Global Services, said: “Today’s announcement shows how our ongoing investments in the BT Radianz Cloud continue to attract market-leading and innovative application and service providers for the benefit of our financial markets customers.
“Now, our Radianz Cloud community members can conveniently access Volante Technologies’ software within the same managed, reliable and secure cloud environment as their other mission critical applications and data. It’s a great example of what we at BT call a Cloud of Clouds approach — allowing our customers around the world to connect easily and securely to the data centres, applications and data they need, independently of where they are hosted.”