Volante Technologies Inc., a global leader in the provision of software for the integration, processing and orchestration of financial messages, data and payments, announced the launch of VolPay Hub, the third in the VolPay suite of products dedicated to enabling accelerated payments integration and processing orchestration.
The digital payments domain is an extremely dynamic and diverse market. It continues to experience significant growth, not only in the number of new processors and disruptive competitors entering the market, but also in the:
- types and numbers of new and alternative payments channels
- daily, weekly, monthly, yearly transaction volumes
- new processing requirements and the complexity of message standards, and regulations
While at the same time the pressure is on to shift to shorter clearing and settlement cycles.
Corporates, banks and other financial institutions are challenged by these issues every day as they must engage with these ever changing market drivers to not only stay competitive but to take advantage of substantial business growth opportunities. Many firms face internal systems technology constraints that either limit or remove the agility they require to react quickly to these new business opportunities and, importantly, keep-up with new regulation. VolPay Hub addresses these challenges and limitations by dramatically speeding up the ability of financial institutions to support new digital payment channels, regulations, and transaction orchestrations potentially requiring new types of processing and thus take advantage of new business opportunities.
VolPay Hub is an application that enables the quick normalization of payment streams from any source containing any payment type. It provides a simplified streamlined approach for configuring the required processes. This is achieved via a comprehensive process orchestration definition console which is then used to set business rules, orchestration logic and other parameters, including treatments and preferences for each payment channel and payment type being processed within the hub. Pre-built, configurable interfaces to key enrichment and verification activities required within the payment lifecycle such as reference data, lexicons, FX, AML, billing, and accounting can be flexibly called and utilized at any point in the process. The application also includes a payment hub management console with comprehensive search, audit trail and reporting functions on all payment processing activities.
The hub can be implemented across an extensive range of major established technology stacks for the required database, application server, service bus and operating system including open source options such as JBOSS, Linux, MySQL, Mulesoft, Camel, etc.
VolPay Hub is aimed at organizations where a cost effective, agile, digital payment hub solution is the key requirement. This could be a small to medium sized organization seeking to leapfrog their competition through dramatically improving their time to market and processing flexibility, or a large organization with an existing payment system infrastructure who need an additional hub to deal with new specialist digital payment processing requirements with increased flexibility and speed.
VolPay Hub is currently being implemented at two banks, one in North America and another in Latin America.
Vijay Oddiraju, CEO, Volante Technologies, commented, “Today’s payments environment is far more dynamic with the continuing emergence of new payment sources and ever-increasing volumes. These new payment flows present revenue opportunities for financial institutions but also require specialist processing systems or the modification of existing systems to bring flows online. We know that financial institutions are often at the mercy of external vendors when it comes to implementing the necessary changes to their processing capability – this often takes time and considerable expense amongst other complications. VolPay Hub empowers financial institutions to make those critical changes themselves. This enables firms to be agile in their reaction to new business opportunities and furthermore remain compliant in the face of changing regulation.”
Venkat Malla, Head of Product Management, Volante Technologies, added, “In our experience, one of the biggest challenges encountered by institutions and corporates when looking to orchestrate the processing of new digital payment flows is the efficient and quick standardization and normalization of that data and subsequent integration with internal systems for process orchestration. This amplifies the risk of prolonged implementation timelines, increased cost and importantly, extended time to revenue for any new or modified payment channel. Through its extensive integration tooling and comprehensive streamlined approach to orchestration definition VolPay Hub significantly accelerates time to revenue and reduces the cost of ownership.”