Volante Technologies launches ISO 20022 service 16 March 2022UK Reporter: Jenna Lomax
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Volante Technologies has launched the Volante ISO 20022 Service in an effort to simplify the complexity of ISO 20022 modernisation for financial service firms involved in the processing of payment messages.
The Volante ISO 20022 Service contains microservices-based application programming interfaces (APIs) for initiation, transformation, and translation of ISO 20022 messages to and from legacy formats to help organsations tackle the challenges of ISO 20022 upgrades.
The APIs can be deployed in an organisation’s data centre or private cloud, or consumed as a service in Volante’s secure cloud.
For all deployment models, Volante offers a free cloud platform, enabling customers to test the catalog of APIs before using them in production applications, facilitating upgrades as standards evolve.
Clients that utilise the service will be able to extend the life of their legacy systems. They will also be able to build value-added services based on the extended data features of the standard and accelerate time to market for such services by eliminating hand-coding.
Other benefits include improved performance for end-to-end processing and increased straight-through processing.
Financial services face significant headwinds in achieving ISO 20022 message compliance, says Volante, whether for domestic clearing and settlement or for cross-border payments.
Many still rely on legacy systems that cannot be updated to ISO 20022 at all, or require major upgrades to accommodate the new standard and its extended data capabilities, it adds.
Gareth Lodge, senior analyst at Celent says: “87 per cent of global high value clearings will be ISO 20022 by 2025. This poses acute difficulties for larger financial institutions who operate in multiple countries and regions and must balance a constantly shifting landscape of market infrastructure deadlines with limited IT resources and budgets.”
Nihit Ahuja, global business head of platforms, Volante Technologies, comments: “At Volante we have extensive experience working on ISO 20022 modernisation programmes with leading financial institutions. We are delighted to be making this expertise available to developers everywhere in the form of easily consumable APIs through our ISO 20022 service, on or off the cloud.”
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