Volante Technologies, a global provider of technology and software as a service (SaaS) to accelerate digital transformation and payments modernisation, has announced the launch of free real-time/instant payments processing on the cloud as a service.
The capability to offer real-time payments (RTP) is becoming the norm for large banks and an emerging necessity for smaller and mid-sized banks. Traditional implementation models, with their high costs and long project times, are also not suited to real-time payments.
Volante offers a cloud native microservices architecture that allows for quicker implementation cycles. The company says that its experience of delivering complex payments projects in record time allows it to deliver the same payments technology used by other larger Volante customers to a wider audience, as a free RTP/instant payment processing service.
The free offering is for US TCH RTP and European SEPA RT1 or TIPS instant payments. Free implementation and onboarding is provided alongside, and there are no service or per transaction fees. Certain limits will apply.
"We have always been passionate about bringing simplification and automation of payments processing to financial institutions," said Vijay Oddiraju, CEO of Volante Technologies. "This allows us to bring the power of our payment solutions to all banks."
"Banks are following two clear routes as they consider their RTP strategies: take a reactive approach and watch the industry and their competitors get RTP-enabled or, look to adopt a more proactive approach using RTP as a means to future revenue-generating services and remain competitive," commented Deepak Gupta, Volante's global head of SaaS. "Volante’s cloud-native payment capabilities, inherent in the VolPay ecosystem, not only helps to remove obstacles to adoption but also provides firms with an extensible platform to include additional payment schemes quickly and ensure compliance with emerging standards. Speed to market and revenue without having to worry about the cost is our goal."
Instant payments demystified
CTMfile has recently published a guide to demystify instant payments, in association with Deutsche Bank, which you can find using the links below. The comprehensive coverage includes a look at how payments systems have developed and sees what lessons can be learned from the experiences of India's Unified Payments Interface (UPI).
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