SAP have selected Volante Technologies, a global supplier of financial data integration, as their connectivity provider for the cloud-based service, SAP® Financial Services Network (FSN), that can connect financial institutions and other financial service providers with their corporate customers through an SAP-owned and highly-secure network service.
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The on-demand service will offer, at its core, multi-bank and multi-corporate routing as well as multi-format documents. The solution is designed to provide this multi-party connectivity via a single channel helping to automate transactions, reduce payment rejection rates, ease reconciliation and deliver enhanced visibility to corporate treasury departments.
Volante will contribute validation, mapping, transformation and enrichment of bespoke or industry-standard messages across a wide spectrum of financial service offerings. Volante’s financial message integration capabilities will be embedded in the SAP Financial Services Network to help ensure that banks and corporations minimise the onboarding process while also helping to reduce cost and profitability impact for banks.
Volante Technologies’ cloud-enabled solution is a key component of the financial message integration layer of SAP Financial Services Network. Volante provides domain knowledge and in-built support for financial payment message standards, including SEPA, FedWire, ACHs, SWIFT MT, ISO 20022, EDI, and proprietary messages. Volante’s ongoing message format maintenance and version upgrades help ensure clients’ internal systems are isolated from changes in financial industry messaging standards.
The use of Volante’s technology to manage the transformation of payment messages will help ensure that payment messages are easily readable by all parties involved, improving efficiency and straight-through-processing (STP). Volante Technologies’ off-the-shelf, scalable solution has been optimized for the cloud and is designed to integrate with any existing infrastructure.
This is a vital partnership for the SAP FSN. It will enable SAP to turn an important concept - direct connection from the 30,000+ corporate ERPs world-wide to their banks and FIs - into reality. It will remove many of the payment standards conversion problems for companies around the world. Not only this, FSN, if it really works and proliferates, could seriously disrupt SWIFT corporate connectivity strategy and make SWIFT service bureaux irrelevant.