Volante Technologies and BNY Mellon collaborate on payments technology innovation
NEW YORK, NY and LONDON, UNITED KINGDOM and DUBAI, UNITED ARAB EMIRATES and MEXICO CITY, MEXICO –(Marketwired – January 29, 2018) – Volante Technologies Inc., a global provider of software for the integration, processing and orchestration of payments and financial messages, announced today that it has been collaborating with BNY Mellon on creating and deploying technology to enable real-time payments in the US and internationally.
BNY Mellon is a leader in offering faster and improved payments solutions to its corporate and institutional clients, as well as in advocating for payments modernization within the industry. As a part of BNY Mellon’s payments modernization initiative, the bank launched two services leveraging VolPay Hub technology provided by Volante.
BNY Mellon’s first such initiative was to become the first bank to successfully originate a real-time payment over The Clearing House’s new Real-Time Payments network. It has worked extensively with The Clearing House and other banks to define standards for clearing and settling payments in real-time.
BNY Mellon’s second initiative was to launch a new service, called “BNY Mellon Tokenized Payments® — now available with Zelle®”, which will further accelerate the transition from paper to electronic payments for their clients.
In support of these iniatitives, Volante developed its TCH RTP Processor Module in collaboration with BNY Mellon to process real-time payments and to allow a transaction to reach its recipient within 15 seconds or less.
“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,” said Saket Sharma, Chief Information Officer for BNY Mellon Treasury Services. “Working closely with trusted and innovative fintech providers such as Volante and our own development resources helps us deliver sustainable value quickly.”
Vijay Oddiraju, CEO, Volante Technologies said, “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.”
Oddiraju continued, “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.”
Founded in 2001, Volante Technologies is a global leader in the provision of software for the integration, processing and orchestration of payments and financial messages within financial institutions and corporate enterprises. Volante is dedicated to helping firms increase their business agility so they can focus on being competitive in their marketplace. Product features promote configuration rather than coding, automated code and documentation generation and inbuilt test harnesses result in significantly accelerated project completions.
Volante’s VolPay Suite of payment products can be licensed and deployed on premise or on the cloud. Volante also offers “Payments as a service” cloud subscription solutions for any of the VolPay Suite applications for clients. As part of the VolPay Suite, VolPay Hub, enables end-to-end payment processing and rapid integration to any third-party or in-house system and orchestrates end-to-end payment flows by interacting with back-office, payment, sanctions, risk, accounting and any required in-house or external system. It quickly processes the real-time payments seamlessly within the required SLAs.
Volante serves a growing client base of more than 85 financial institutions and corporate enterprises operating in 27 countries around the world, including several of the largest global financial institutions and corporate enterprises. Clients use Volante to assist with multiple product implementations ranging from financial message transformation and integration, through to the processing and orchestration of payments.
Supported by offices in Jersey City, London, Dubai, Mexico City, Bogota, Hyderabad, Chennai and Pune, and its broad range of clients, Volante is able to encapsulate a best practice approach into all its product lines.
For further information please visit: www.volantetech.com
About BNY Mellon Treasury Services
With locations on six continents and an extensive network of correspondent financial institutions, BNY Mellon’s Treasury Services group delivers high-quality performance in global payments, trade services and cash management. It helps clients optimize cash flow, manage liquidity and make payments more efficiently around the world in more than 100 countries. Processing payment transactions in over 120 currencies, the company is a top-five participant in both the CHIPS and overall funds transfer markets. The company is also a recognized leader in the delivery of private-label treasury services solutions for banks and other large institutional clients.
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of Sept. 30, 2017, BNY Mellon had $32.2 trillion in assets under custody and/or administration, and $1.8 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.
On behalf of Volante Technologies:
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