A new partnership between financial date integration and processing software provider Volante Technologies and BT has been formed and it is expected that this will help financial market firms minimise risk.
With the implementation of the Volante tools, organisations will be able to simplify the process of financial messaging between different standards and in turn, avoid having to use a different standard for each market in which they operate.
Volante Designer and the VolPay suite both support over 330 messaging standards, which include ISO20022, FIX Protocol and FpML, and the tools enable companies to set up payment channels when they want to connect to new counterparties. A significant characteristic of these applications is that the software automatically updates when industry standards change.
In addition to this, the messaging software is able to work well with the already established service, BT Radianz Messaging, which also takes risk and security into consideration. CEO of Volante Technologies, Vijay Oddiraju, highlights how his company has a reputation of helping financial institutions and corporate clients with financial messaging and 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,” Oddiraju said.
BT Global Services president, UK corporate and global banking & financial markets, Ashish Gupta, has a similar attitude. “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 market customers,” Gupta explained.
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“Corporate treasurers around the world are getting a better cross-border payments experience today,” announced the financial messaging services provider.
A survey reveals widespread confidence that the technology will be mainstream in the financial post-trade market within three to five years.