New solution enables banks to adapt swiftly, build loyalty, and grow their payments business while enriching their customer service
Volante Technologies, the global leader in cloud payments and financial messaging, announced the general availability of Volante Embedded Preprocessing, its latest solution to helps banks validate, transform and route payments messages efficiently, while also delivering a better customer experience to drive business growth. The solution has already been integrated into the operations of two major banking giants—a prestigious South African financial institution and a leading regional business bank in the United States.
According to Aite-Novarica, 42 percent of businesses wait for their primary relationship bank to introduce or offer new capabilities and payment channels. Nonetheless, this approach, primarily driven by legacy systems, imposes exorbitant costs and risks on banks, negatively impacting sales and potentially tarnishing the customer experience.
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Volante Embedded Preprocessing enables banks to modernize their payments infrastructure without replacing existing systems, reducing cost of ownership by 40 percent. The solution also provides access to the latest payments innovation so financial institutions gain a 50 percent improvement in time to revenue and can capitalize on new market opportunities faster.
Banks that deploy Volante Embedded Preprocessing can manage payment validation before it reaches the bank processing hub or core, enabling institutions to process more messages, reduce investigations and increase straight-through processing and therefore business growth. It provides a set of standardized APIs to integrate seamlessly with the banks’ existing infrastructure such as processing hubs, and core and ERP systems. Customer teams can make more informed decisions, improving customers’ service, and reducing the cost and risk associated with leveraging one central system.
As a result, banks gain a bird’s eye view of all critical payment information through one single dashboard so they can make informed decisions. In turn, they can pass on this benefit to their business clients and provide a consolidated view of all payments, even if the clients’ existing ERP and accounting systems do not consolidate payments information.
Business clients can expect to reduce the time it takes to get onboarded by 60 percent. They will also be able to select a variety of payment options and channels based on new smart routing capabilities that use business rules for the fastest, cheapest routing or based on their personal or business preferences.
“Preprocessing helps financial institutions increase the adoption of new payment channels for business clients. It unifies payment types and messages, identifying the best payment options available based on business need. In turn, business clients become far more likely to adopt electronic payments, which significantly increases straight-through processing rates and unlocks new revenue streams for banks,” said Paul Kizirian, strategic advisor, Aite-Novarica.
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“Cloud-based alternatives that integrate with existing systems offer a fluid approach and can significantly reduce implementation times. Therefore, Payments as a Service helps banks to do more with less, freeing up resources that they can reallocate to innovation initiatives or business customer use cases that drive growth,” said Kizirian. “It’s the fastest and least risky path to payments modernization.”
“Offering new payment methods to business customers is complex,” said Deepak Gupta, SVP & Global Head, Payments as a Service, Volante Technologies. “Businesses need the ability to choose how they make each payment. They don’t have the flexibility to take a one-size-fits-all approach and need to consider several factors while still controlling how and when payments are made. These factors can include vendor preferences, least cost routing options, fastest presentment, applicable laws and regulations and rebate potential.”
“By introducing Volante Embedded Preprocessing, we want to remove any friction that stems from offering new payment options. It’s all about helping banks build brand loyalty and offering smaller banks the same modernization options as their larger peers,” Gupta added.
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