Source: Volante Technologies
Volante Technologies Inc., a global leader in the provision of software for the integration, processing and orchestration of financial messages and payments, today announced it has created an interface with Ripple, distributed financial technology for global real-time settlement.
Volante’s VolPay suite of payment integration, processing and orchestration products now has an interface that directly connects with Ripple, bank-grade technology that lowers the cost of every transaction by allowing banks to transact directly and instantly with complete visibility and certainty of settlement. Ripple presents an alternative to the traditional correspondent banking model and helps financial institutions reduce the complexity, costs and time delays associated with managing multiple correspondent banking relationships.
The VolPay suite of products is dedicated to enabling financial institutions and corporates to accelerate connectivity to a wide range of clearing and settlement mechanisms. The software suite includes an ever growing library of plugins and transformations for over 330 international and domestic standards and bi-directional and customizable transformations, to enable fast and efficient integration with a vast range of payment flows. The Ripple interface is the latest addition to this library and coupled with the necessary workflow required to interface with the Ripple network, this makes the process for banks to on-board to Ripple significantly easier.
Volante’s addition of a Ripple interface is in response to increasing interest from Volante’s client base and the market in general and will enable financial institutions and corporate enterprises to take advantage of new payment flows and the business opportunities they offer.
Neil Clarke, Market Engagement Director, Volante Technologies, commented, “The world of payments is rapidly evolving and Volante’s role is to help ensure that our customers can quickly benefit from the adoption of emerging technologies across the payments space as and when they require it. We continually look for ways to enrich our product set by listening to our clients and researching emerging trends to which we then align and prioritize within our product roadmap. We commend Ripple on their innovative approach to bringing down cost and driving up choice for financial institutions and we look forward to helping more organizations connect to Ripple.”
Chris Larsen, Cofounder and CEO, Ripple, commented, “We are committed to introducing new efficiency to existing payment systems and processes - a common goal shared by Volante and one of the reasons we are delighted that Volante now interfaces with Ripple. Volante is a well-known, independent and firmly established provider of payment integration and messaging solutions to financial institutions. We believe connectivity with Volante will help drive adoption of Ripple by providing banks a bridge from legacy standards to minimize costly core system changes.”
Contributed | what does this mean?