Volante Technologies, the global leader in Payments as a Service (PaaS), is proud to announce a strategic partnership with Standard Bank, Africa’s biggest bank by assets, to modernize payment infrastructure across the African continent.
This marks one of the most ambitious PaaS payment deals signed in history. No other payment provider services this many countries for one customer in their PaaS cloud.
The landmark partnership, already living in South Africa, leverages Volante’s Payments as a Service (PaaS) and Embedded Preprocessing. These solutions work alongside current infrastructure, centralizing multiple payment formats and standards into a consolidated system. This enables the bank to take a step towards achieving its broader, long-term transformation strategy. These solutions streamline the bank’s domestic and cross-border real-time, high-value, and bulk payments, reducing complexity, enhancing efficiency, and improving the customer experience for Standard Bank’s Corporate and Investment Banking clients.
In addition, adopting Volante’s platform accelerates Standard Bank’s transition to ISO 20022 standards, benefiting both the bank and its clients. William Kent, Executive Business Head at Standard Bank, highlighted that this initiative, which will soon expand across 18 additional African countries, seamlessly integrates with the bank’s legacy systems, managing over 50 clearing and settlement systems and ensuring operational continuity and scalability.
“Our collaboration with Volante goes beyond just a working partnership; it represents a pivotal moment in our evolution, built on trust and cultural alignment,” said Bessy Mahopo, CIO for CIB transformation programs at Standard Bank. “Volante distinguished itself by passing our rigorous vetting process and stood out for its transparency and unwavering spirit of partnership. Their PaaS technology perfectly complements our needs, and their shared values and dedication permeate their entire organization, not just at the leadership level. Together, we are transforming the payments landscape while empowering communities and fostering growth across Africa.”
Volante Technologies’ Payment Modernisation: The Big Survey 2024 identified four major pain points for banking clients: the efficiency and speed of cross-border payments, the cost of payment processing, real-time or intraday liquidity management, and seamless integration with bank systems via APIs. Standard Bank’s shift to Volante’s PaaS and Embedded Preprocessing solution directly addresses these challenges, improving overall client experience and operational performance.
“We are proud to partner with Standard Bank and support its ambitious payment modernization goals,” Deepak Gupta, EVP Product, Engineering & Services at Volante Technologies. “Our PaaS solution is ideal for the bank’s needs, enabling rapid time-to-market, lowering costs, and fostering innovation. We look forward to working closely with Standard Bank as it continues to expand across the continent, bringing the strength and depth of our technology roadmap to the bank and its customers. Together, we aim to deliver a superior experience for corporate treasury customers, ensuring they can operate more efficiently in an ever-evolving financial landscape.”
