Volante launches Embedded Preprocessing to facilitate payment options for banks

Rick Steves

“By introducing Volante Embedded Preprocessing, we want to remove any friction that stems from offering new payment options. It’s all about helping banks build brand loyalty and offering smaller banks the same modernization options as their larger peers,”

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Volante Technologies has announced the launch of Volante Embedded Preprocessing, a solution that helps banks validate, transform, and route payments messages efficiently.

According to the cloud payments and financial messaging firm, the solution has already been integrated into the operations of a South African financial institution and a regional business bank in the United States.

Volante Embedded Preprocessing reduces cost of ownership by 40 percent

Paul Kizirian, Strategic Advisor, Aite-Novarica, commented: “Preprocessing helps financial institutions increase the adoption of new payment channels for business clients. It unifies payment types and messages, identifying the best payment options available based on business need. In turn, business clients become far more likely to adopt electronic payments, which significantly increases straight-through processing rates and unlocks new revenue streams for banks. Cloud-based alternatives that integrate with existing systems offer a fluid approach and can significantly reduce implementation times. Therefore, Payments as a Service helps banks to do more with less, freeing up resources that they can reallocate to innovation initiatives or business customer use cases that drive growth. It’s the fastest and least risky path to payments modernization.”

Deepak Gupta, SVP & Global Head, Payments as a Service, Volante Technologies, said: “Offering new payment methods to business customers is complex. Businesses need the ability to choose how they make each payment. They don’t have the flexibility to take a one-size-fits-all approach and need to consider several factors while still controlling how and when payments are made. These factors can include vendor preferences, least cost routing options, fastest presentment, applicable laws and regulations and rebate potential. By introducing Volante Embedded Preprocessing, we want to remove any friction that stems from offering new payment options. It’s all about helping banks build brand loyalty and offering smaller banks the same modernization options as their larger peers.”

Nearly half (42%) of businesses wait for their primary relationship bank to introduce or offer new capabilities and payment channels, according to advisory firm Aite-Novarica. This approach arguably imposes exorbitant costs and risks on banks, negatively impacting sales and potentially tarnishing the customer experience.

The new solution, Volante Embedded Preprocessing, enables banks to modernize their payments infrastructure without replacing existing systems, reducing the cost of ownership by 40 percent, the firm stated, adding that financial institutions gain a 50 percent improvement in time to revenue and can capitalize on new market opportunities faster.

According to the firm, business clients can expect to reduce the time it takes to get onboarded by 60 percent and have a wider variety of payment options to choose from.

By leveraging embedded processing, banks can manage payment validation before it reaches the bank processing hub or core, enabling institutions to process more messages, reduce investigations and increase straight-through processing and therefore business growth.

Volante Embedded Processing provides a set of standardized APIs to integrate seamlessly with the banks’ existing infrastructure such as processing hubs, and core and ERP systems. Customer teams can make more informed decisions, improving customers’ service, and reducing the cost and risk associated with leveraging one central system.

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