Volante & Standard Bank Partner to Revolutionize Payment Infrastructure

CIOTechOutlook Team | Wednesday, 30 October 2024, 02:32 IST

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Volante Technologies, a top provider of Payments As a Service (PaaS) globally, is thrilled to declare a strategic collaboration with Standard Bank, the largest bank in Africa in terms of assets, for the modernization of payment infrastructure throughout the African continent. This is one of the most daring PaaS payment agreements ever made, as no other payment company has served as many countries for a single customer in their PaaS cloud.

The significant collaboration, currently active in South Africa, utilizes Volante's Payments as a Service (PaaS) and Embedded Preprocessing to streamline various payment formats and standards into a unified system alongside existing infrastructure. This allows the bank to progress significantly in reaching their overall, extended transformation plan. These solutions simplify the bank's domestic and international real-time, high-value, and bulk payments, decreasing complexity, boosting efficiency, and enhancing the customer experience for Standard Bank's Corporate and Investment Banking clients.

Furthermore, implementing Volante's platform speeds up Standard Bank's switch to ISO 20022 standards, providing advantages for both the bank and its clients. William Kent, Executive Business Head at Standard Bank emphasized that this new project, which will soon be implemented in 18 more African nations, smoothly integrates with the bank's current outdated systems, overseeing more than 50 clearing and settlement systems, and guaranteeing operational consistency and ability to grow.

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