Top-ten Mexican bank goes live with Volante to fully automate cross-border payments and offer its customers a richer experience and wider variety of international payment methods
Volante Technologies, the global leader in cloud payments and financial messaging, is partnering with Banca Afirme, S.A. (Afirme), a subsidiary of Afirme Grupo Financiero, S.A. de C.V., to modernize its payments infrastructure. As part of an ambitious digital transformation initiative designed to enrich its customers’ banking experience, the bank has begun its modernization journey by automating SWIFT cross-border transaction processing. ISO 20022 readiness and the addition of other cross-border payment types are next in line.
Latest Fintech News: Nokia Extends Strategic Partnership with Wipro to Drive Digital Transformation and Efficiencies in Global Business Services
Cross-border payment volumes in Mexico are rising twice as fast as the global average. Since Afirme has numerous business customers that rely on fast and secure international transactions, the bank expects the volume of cross-border transactions to grow exponentially as a result of this international business surge and in anticipation of the opening of its own branches in North America.
Raúl Arzate Ortiz, Director Comptroller’s Office, Money Markets, Afirme, said, “As we seek to enhance our customers’ experience and grow domestically and internationally, payments modernization is a top priority for us. Fully automating and accelerating cross-border payment processing with Volante is an important first step forward.”
“Volante has helped us reduce SWIFT processing time from hours to seconds, so that our customers can receive international funds within a near-immediate settlement instance, even as the volume of requests continues to grow,” he added.
Latest Fintech News: Oromia Bank selects CR2 BankWorld to Advance their Digital Banking Transformation Strategy in Ethiopia
Afirme selected Volante’s VolPay over competing solutions because of its modern, low-code business-service architecture, deep functionality, and ease of integration with new and existing bank systems. By partnering with Volante, the bank can also accelerate its customer experience modernization roadmap by launching new value-added services based on the ISO 20222 messaging standard, and by offering next-generation cross-border payment types such as SWIFT and gpi.
“With Volante we have successfully automated all of our SWIFT processing. We also expect to be able to smoothly handle increases in transaction volume by an average of 20 percent annually. More so, we will be able to offer our customers a wider variety of international payment types and a data-rich experience as we prepare for ISO 20222 readiness – all with one solution,” said, Raúl Arzate.
With this deployment at Afirme, Volante’s payments solutions are now live at multiple major banks and exchanges in Latin America, processing over 1,800,000 transactions per month on average.
“With half of the population in Latin America unbanked, there is significant opportunity for financial businesses in the region to grow market share through digital innovation, and at the same time expand financial inclusion. We are proud to be working as a trusted partner to Afirme, providing them with market-leading payments solutions to advance their customer experience and digital modernization goals. Together, we can realize our common vision of a world in which real-time digital financial services are easily and equitably available to all,” said Vijay Oddiraju, CEO, Volante Technologies.
Latest Fintech News: Ushur Launches Insurance Automation Portfolio in AWS Marketplace
[To share your insights with us, please write to sghosh@martechseries.com]
