BNY Mellon Launches New Payments Initiative, Powered by Volante Technologies

Volante Technologies has unveiled a new partnership with asset manager BNY Mellon, focusing on newly disruptive Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term capabilities. The joint collaboration will see the venues emphasize real-time payments in the US and abroad, harnessing VolPay Hub technology.

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BNY Mellon like many other banks have been pursuing different types of technology in the payments space. These efforts over the past few years have yielded a tremendous amount of growth in the segment, including faster and improved payment solutions for corporate and institutional clients.

By teaming up with payments provider Volante Technologies, BNY Mellon has been able to integrate the group’s VolPay Hub technology, helping modernize its own payments infrastructure.

Saket Sharma, Chief Information Officer for BNY Mellon Treasury Services, commented: “We are creating the building blocks for an integrated payments ecosystem both for today’s needs and for the next generation. This approach allowed us to be first to market with RTP and will also serve us well over the long term. Working closely with trusted and innovative fintech providers such as Volante and our own development resources helps us deliver sustainable value quickly.”

Indeed, the initiative has seen no less than two services launches, integrating VolPay Hub technology. This includes BNY Mellon’s bid to implement a real-time payment over the The Clearing House Clearing House A clearing house is defined as an intermediary between two parties, a buyer and seller, which helps facilitate the overall process from trade inception to settlement. Clearing houses streamline the exchange of payments, securities, or derivatives transactions.The clearing house is situated between two clearing firms who also helps reduce the risk of either member firm failing to honor their respective trade settlement obligations.Buyers and sellers enter into legally binding agreements for the e A clearing house is defined as an intermediary between two parties, a buyer and seller, which helps facilitate the overall process from trade inception to settlement. Clearing houses streamline the exchange of payments, securities, or derivatives transactions.The clearing house is situated between two clearing firms who also helps reduce the risk of either member firm failing to honor their respective trade settlement obligations.Buyers and sellers enter into legally binding agreements for the e Read this Term’s new Real-Time Payments network. BNY Mellon has already worked in tandem with The Clearing House and other banks to define standards for clearing and settling payments in real-time.

In addition, BNY Mellon’s also unveiled BNY Mellon Tokenized Payments, which is now available with Zelle. The launch will look to further drive the transition from paper to electronic payments for their clients. Such efforts have been very popular around the industry, accelerating the drive away from traditional payments mechanisms. This trend looks to hold in 2018, which could lead to a dramatic change in a relatively short timeframe.

For its part, Volante has developed its TCH RTP Processor Module in collaboration with BNY Mellon. This technology has been used to process real-time payments enable transactions to reach recipients within 15 seconds or less.

“Our collaboration with BNY Mellon on first-to-industry payments solutions further establishes our payments innovation capability. We are enormously proud to have played such a significant role in the historic moment of US real-time payments. Implementing the first RTP processing hub in the US is the perfect example of collaborative teamwork between BNY Mellon and Volante, bringing greater value to BNY Mellon’s clients,” explained Vijay Oddiraju, CEO, Volante Technologies.

“This successful deployment further reinforces our core principle of using automation to reduce implementation time and cost for our customers. Adding tokenized payments capability to BNY Mellon’s real-time payments technology platform is a further testament to how we continue to collaborate and help our customers build out their future payment capabilities,” he added.