Software provider Volante Technologies has launched VolPay Foundation, a development platform that aims to ease the challenges of payment integration and payment processing projects.
The group said that over the past 15 years it has been asked by banks and corporates implementing payment systems to help deal with specific challenges in message and data integration. Consistently it has been shown that some of the largest challenges that organisations face when implementing a new payments system is in integrating not only with other internal systems, but also domestic clearing channels, corporate customers and the correspondent banking network.
These challenges often result in huge implementation cost overrun and delayed time to realising revenue streams. VolPay Foundation has been created to deal with these challenges and promises to support a smoother payments implementation, on time and on budget.
“The digital banking era continues to drive the revolution in payments, causing banks and corporates to expand their capabilities to deal with new payment channels, new payment instruments, new markets, new standards and new competitors operating in their space,” Volante Technologies notes. “These financial institutions continue to recognise that they need to overhaul their payments systems or choose a payment channel integration solution in order to remain competitive.”
The VolPay Foundation development platform includes a suite of modular tools developed to address payment integration issues. Functional components of the product include graphical model-based automated code generation, validation and conversion logic, mapping tools, proprietary format definition, industry standard payments plug-ins, an ISO 20022-based payments canonical model and the ability to design a payment integration code – all with limited hand coding.
The platform also includes pre-built and maintained payment message standards and pre-built conversions to over 50 clearing standards to ensure support for a growing number of clearing and settlement mechanisms (CSM).
“The payments world is moving and evolving rapidly,” said Vijay Oddiraju, chief executive officer (CEO), Volante Technologies. “Banks and corporates need to keep up with new payment sources, participants and systems, yet must adhere to increased compliance requirements while meeting customers’ demands for greater transparency within their payment processing systems.
“Today’s payment solutions must be more efficient, more cost effective, less time consuming to implement, more flexible and be able to support more open processes and deliver reduced risk.”
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