Volante Technologies announced the launch of the Volante ISO 20022 Service to simplify the complexity of ISO 20022 modernization for any organization involved in the processing of payment messages, from banks and financial institutions to fintechs and payment service providers (PSPs).
Such organizations face significant headwinds in achieving ISO 20022 message compliance, whether for domestic clearing and settlement (TARGET2, CHAPS, Fedwire, among others) or for cross-border payments (SWIFT CBPR). Many still rely on legacy systems that cannot be updated to ISO 20022 at all, or require major upgrades to accommodate the new standard and its extended data capabilities.
The Volante ISO 20022 Service enables financial services developers and architects to address these challenges by easily incorporating value-added ISO 20022 modernization capabilities into their applications. The service, built-on Volante’s proven low code technology, contains microservices-based APIs for initiation, transformation, and translation of ISO 20022 messages to and from legacy formats.
The APIs can be deployed in an organization’s data center or private cloud, or consumed as a service in Volante’s secure cloud. For all deployment models, Volante offers a free cloud sandbox enabling customers to test the catalog of ready-to-consume APIs before using them in mission-critical production applications, facilitating seamless upgrades as standards evolve.
Organizations adopting the Volante ISO 20022 Service for their compliance and migration programs will enjoy a wide range of benefits. They will be able to extend the life of their legacy systems, protecting their businesses from change. They will also be able to quickly build value-added services based on the extended/rich data features of the standard and accelerate time to market for such services by eliminating hand-coding. Other benefits include improved performance for end-to-end processing, higher straight-through processing (STP), and cost reductions of 60% or more compared to traditional ISO modernization approaches.
Nihit Ahuja, global business head for Platforms at Volante Technologies, said in a statement: “We are investing heavily in our roadmap, enhancing our low-code platform to enrich this new service and bring new value-added services to the market.”