Volante Technologies, a provider of software for financial messaging, data, and payments, has launched VolPay Hub, the latest iteration of its VolPay product suite, according to a Volante statement.
The new VolPay Hub will be geared specifically towards the enabling of streamlined payments integration and processing capabilities across a variety of asset classes, amidst a dynamic and shifting digital payments market. In addition, Volante has opted to unveil its VolPay Hub at a time when market participants are moving towards shortened clearing and settlement cycles.
More specifically, VolPay Hub will aim to target the quick normalization of payment channels irrespective of source or payment type. VolPay Hub represents a pre-built and configurable interface and can handle such tasks as foreign exchange (FX), AML, billing, and accounting. The hub is also compatible with a host of other established technology stacks and open source options such as JBOSS, Linux, MySQL, Mulesoft, Camel, etc. – VolPay Hub is currently being implemented at two banks, one in North America and another in Latin America.
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According to Vijay Oddiraju, CEO, Volante Technologies, in a recent statement on the VolPay Hub: “Today’s payments environment is far more dynamic with the continuing emergence of new payment sources and ever-increasing volumes. These new payment flows present revenue opportunities for financial institutions but also require specialist processing systems or the modification of existing systems to bring flows online.”
“We know that financial institutions are often at the mercy of external vendors when it comes to implementing the necessary changes to their processing capability – this often takes time and considerable expense amongst other complications. VolPay Hub empowers financial institutions to make those critical changes themselves. This enables firms to be agile in their reaction to new business opportunities and furthermore remain compliant in the face of changing regulation.”
“In our experience, one of the biggest challenges encountered by institutions and corporates when looking to orchestrate the processing of new digital payment flows is the efficient and quick standardization and normalization of that data and subsequent integration with internal systems for process orchestration,” noted Venkat Malla, Head of Product Management, Volante Technologies, in an accompanying statement.
“This amplifies the risk of prolonged implementation timelines, increased cost and importantly, extended time to revenue for any new or modified payment channel. Through its extensive integration tooling and comprehensive streamlined approach to orchestration definition VolPay Hub significantly accelerates time to revenue and reduces the cost of ownership,” added Malla.