Volante Technologies, a comprehensive provider of software for financial messaging, data, and payments, has extended its VolPay Hub to Ripple in a bid to foster real-time settlements, according to a Volante statement.
The announcement comes just one day after Volante unveiled the VolPay Hub, its latest iteration of the VolPay product suite. The new VolPay Hub was engineered with a specific focus towards the enabling of streamlined payments integration and processing capabilities across a variety of asset classes.
Ripple represents the first non-bank entity that VolPay Hub geared an interface towards, though the hub is aiming to foster the quick normalization of payment channels irrespective of source or payment type. Prior to Ripple, VolPay Hub was implemented at two banks, one in North America and another in Latin America.
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As a result of Volante’s interface, the VolPay Hub will directly connect with Ripple in an attempt to lower transaction costs by allowing banks to facilitate directly via complete transparency and certainty of settlement. Currently, Ripple constitutes an alternative to the traditional correspondent banking model, which helps financial institutions mitigate the acute complexities, costs, and lags associated with managing banking relationships.
According to Neil Clarke, Market Engagement Director, Volante Technologies, in a recent statement on the interface, “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,” he added.
“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,” noted Chris Larsen, Cofounder and CEO, Ripple, in an accompanying statement.