22 August 2017
visit www.avoka.com

Volante Technologies launches VolPay Channel

13 July 2015  |  2370 views  |  0 Source: Volante Technologies

Volante Technologies Inc., a global leader in the provision of financial message and data integration, validation and processing software, continues to challenge the current approach to payments processing dominated by legacy systems, by announcing today the launch of their latest payments processing product – VolPay Channel.

VolPay Channel is a Host to Host (H2H) on-boarding and pre-processing engine that manages data imports and exports between banks, corporates and treasury departments. Designed to remove much of the complexity, time and cost associated with the customer on-boarding process, VolPay Channel flexibly integrates, validates and pre-processes payment transactions to ensure shorter time to revenue. It offers a streamlined, guided process to systematically define the customer’s preferences, business rules and exception management process flows. The end result is the rapid deployment of payment flow configurations, with the automatic generation of the necessary code and documentation for customer sign-off. VolPay Channel also includes a test harness to ensure that the final configured operation is in line with both the customer and bank’s requirements.

Banks, corporates and treasury departments continue to face challenges when integrating disparate payment message flows and dealing with the ongoing obstacles caused by changes in formats due to regulation and new clearing mechanisms. Using the ISO 20022 data dictionary as its internal model, and through model based definitions rather than coding, VolPay Channel users benefit from an optimized approach to data integration, transformation, validation and pre-processing.
VolPay Channel is a thin client application that can be deployed in the private or public cloud as a hosted service, or as an in-house standalone application.

As with all Volante products, VolPay Channel comes with an extensive and continually maintained library of more than seventy domestic and international financial message plug-ins and associated pre-built transformations which ensure a more rapid and straight forward application of market changes when they occur. VolPay Channel’s extensive message standards plug-in library combined with its comprehensive payment pre-processing functionality and its canonical data model, means that banks can reduce the impact of the complexity of integration with the H2H channel on their internal systems. The result is competitive advantage through greater speed of change, flexibility of deployment, and increased levels of customer service.

Venkat Malla, VP Product Management, Volante Technologies, commented, “The increasing sophistication of corporates along with ever-increasing payment volumes is continuing to drive the need for greater automation. Banks are under pressure to ease the process of on-boarding corporates and new payment channels in order to be closer to their customers and offer additional services. In tandem, corporates are looking to manage multiple banking relationships and increase control of their centralized treasury functions. Although the process around the due diligence aspects of on-boarding new customers has become more streamlined of late, the technical aspects of the on-boarding process have remained onerous, costly and to date, very time consuming. We challenged ourselves to find a better way, and through our expertise and innovative design, we have been able to effect significant efficiencies in the corporate to bank payments integration space.”

Nadish Lad, Director, Head of Payments Product, Volante Technologies, continued, “In my experience, customer on-boarding traditionally takes the form of an IT project involving multiple steps from initial project approval, requirements gathering, functional and technical specification creation, customer sign off and finally testing through to deployment. This approach understandably takes time to complete. VolPay Channel’s application centric approach guides the bank and their customers through a streamlined configuration process, driven by the bank’s implementation team, resulting in the rapid completion of customer on-boarding.
VolPay Channel is challenging the way customer on-boarding is currently executed, enabling the bank to offer a format agnostic proposition. Its prime purpose is to ensure that the time taken to on-board customers correctly and comprehensively, is significantly reduced and therefore the all-important time to revenue is also reduced.”

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.dorsum.eudownload the paper nowvisit www.worldpaymentsreport.com

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
12619 views comments | 26 tweets | 23 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
11214 views comments | 22 tweets | 34 linkedin
hands typing furiouslyWhy Is Risk Analytics Important?
10357 views 0 | 6 tweets | 1 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
10343 views comments | 10 tweets | 8 linkedin
Australia regulates digital currenciesAustralia regulates digital currencies
10309 views comments | 21 tweets | 34 linkedin

Featured job

Find your next job