Volante has launched VolPay Channel, a host-to-host onboarding and pre-processing engine and the firm’s latest addition to its suite of payments processing products.
VolPay Channel manages data imports and exports between banks, corporates and treasury departments, and is designed to reduce the complexity, time and costs involved with customer onboarding.
It integrates, validates and processes payments transaction, leading to a shorter time-to-market, and provides fast deployment of payment flow configuration, plus automatically generating the codes and documentation necessary for customer sign-off.
The process is designed to help customers to define their preferred preferences, business rules and exception management process flows, and includes testing to make sure the final model is in line with these preferences.
The launch comes as a response to challenges in integrating disparate payment flows, as well as changes in regulation and the introduction of new clearing mechanisms.
Venkat Malla, vice president of product management at Volante Technologies, said: “Although the process around the due diligence aspects of onboarding new customers has become more streamlined of late, the technical aspects of the onboarding process have remained onerous, costly and to date, very time consuming.”
“We challenged ourselves to find a better way, and through our expertise and innovative design, we have been able to effect significant efficiencies in the corporate to bank payments integration space.”
VolPay Channel uses ISO 20022 as its internal model, and works through model-based definitions rather than through coding. In can be deployed either as a cloud-based hosted service, or as an in-house application.
The product also comes with the library of Volante financial messaging plug-ins and pre-built applications, which together intend to make the integration process easier, faster and more flexible.
Nadish Lad, director and head of payments products at Volante Technologies, said: “VolPay Channel is challenging the way customer on-boarding is currently executed, enabling the bank to offer a format agnostic proposition.”
“Its prime purpose is to ensure that the time taken to on-board customers correctly and comprehensively, is significantly reduced and therefore the all-important time to revenue is also reduced.”
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