Building on the VolPay Hub Ripple integration capability launched in October 2015, Volante’s new Ripple solution, available as a component of the VolPay Foundation payments development platform, offers the same functionality across any bank, treasury or payment platform.
Offering further choice for Volante’s clients and the wider market looking to take advantage of new and alternative payment mechanisms
Most traditional bank cross-border payment services are based on correspondent banking, which is slow, expensive, and opaque. Fortunately there are now a number of viable options for banks to rise to the challenge.
Consumers and businesses want better, faster cross-border payments options. Real-time 24×7 services are in demand everywhere, and cross-border is no exception. But traditional correspondent banking is slow, expensive and opaque. Banks must improve their cross-border services. Next-generation cross-border mechanisms–SWIFT gpi, Ripple, Visa B2B, Visa Direct, and others–are rapidly gaining traction.
The world of payments is changing rapidly. Real-time / instant payments, ISO 20022, and modern cross-border schemes are revolutionizing clearing and settlement. Open banking is creating new opportunities, and new competitors. With the Internet of Things, any connected device can be a customer experience channel. Banks must innovate to stay relevant in this new world.
The emerging payments landscape is complex, but the drivers for modernization can be grouped into three broad categories: customer demand, regulatory innovation, and digital scalability.
Corporate treasurers are demanding better payments services. They want banks to process their quickly and efficiently, in their preferred formats. They need better straight-through processing and API connectivity from their ERP systems. And they seek a consistent experience, whatever the payment source or destination. Most banks can’t deliver.
Open Banking is bigger than mere regulation. It’s true that regulations have provided the initial thrust toward open banking—PSD2 in Europe, the UK’s CMA9, and Mexico’s Fintech Law, among others. But customer demand and fierce competition are also driving open banking, even in countries without explicit mandates. Compliance isn’t enough.
Can banks and fintechs work together to create a “finTegration” that primes each to thrive in the midst of the changes that open banking brings to Latin American?
All financial institutions need an ISO 20022 solution. For large financial institutions with multiple direct market infrastructure connections including SWIFT for cross-border payments, ISO 20022 modernization offers significant opportunities in the form of improved straight-through processing, richer payment data, and enhanced interoperability. Banks face implementation challenges.
Volante Open Banking An extensible platform for payment initiation, account access, and other API-based open banking services that can be deployed as an integrated stand-alone solution or co-exist with existing assets.
There’s been quite a bit of confusion around the relationship between the FedNow Service and CBDCs — we’re here to clear the air.