Volante Technologies wins Best Cloud Payments Provider in the Middle East
“Being awarded ‘Best Cloud Payments Provider’ for the second year in a row is a rare privilege. I am very proud that we have been recognized for enabling the first-ever cloud-based payment services ecosystem deployed in MEA. We look forward to continuing to serve as the trusted modernization partner to financial institutions in the region, freeing them to innovate at speed in the rapidly changing payments landscape.”
Volante Technologies has won the 2022 MEA Finance Industry Award for ‘Best Cloud Payments Provider’ for the second year in a row.
The MEA Finance Industry Awards recognize firms’ contributions to the advancement of the banking industry in the Middle East and Africa (MEA) regions, in this instance for enabling the first-ever cloud-based payment services ecosystem deployed within MEA.
Payments revenue in the Middle East to reach $84 billion by 2025
Volante is a leader in cloud payments and financial messaging that helps the industry capture the emerging opportunity in the Middle East that includes an estimated $84 billion in payments revenue in 2025 – such growth is faster than the regional GDP.
A clear emphasis on accelerating digital transformation to meet customer demands and regulatory mandates is needed to tap into such revenues. In other words, financial institutions in the region must modernize their payments infrastructures, Volante argues.
Volante provides modern cloud-native API-first payments technology as easily deployable multi-network Payments as a Service solutions.
Vijay Oddiraju, CEO of Volante Technologies, said: “Being awarded ‘Best Cloud Payments Provider’ for the second year in a row is a rare privilege. I am very proud that we have been recognized for enabling the first-ever cloud-based payment services ecosystem deployed in MEA. We look forward to continuing to serve as the trusted modernization partner to financial institutions in the region, freeing them to innovate at speed in the rapidly changing payments landscape.”
Just a few months ago, Volante was named to The IDC FinTech Rankings Top 100 and placed first in the IBS Intelligence (IBSi) Sales League Table (SLT) for wholesale banking payments.
89% of new payments systems deployments going on cloud or PaaS provider
A recent survey commissioned by Volante found that cloud is the dominant deployment foundation for payment systems today – with 89 percent of all new payments system implementations going on cloud or with a Payments as a Service (PaaS) provider, up from 73 percent in 2021.
This evolution to cloud or PaaS models has been gaining momentum in recent years with nearly 70 percent saying it is where their existing payments systems are mostly deployed.
Other survey highlights include:
- 11 percent are using PaaS providers for most of their payment systems, up from 9 percent in the 2021 survey
- Reducing maintenance cost and complexity is the number one requirement for 47 percent of respondents, and was ranked in the top three objectives by 73 percent of them
- Access to real-time or intraday liquidity management is the number one customer demand they must meet, with 56 percent of respondents ranking this the number one or two priority
- 25 percent described their capabilities as minimum standard required or worse for ISO 20022 compliance – leaving them at risk of not meeting compliance deadlines
