Volante supporting fintech start-up in Africa 09 September 2015Kampala Reporter: Stephanie Palmer
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Volante Technologies has paired up with start-up financial technology firm IWIAfrica to help it integrate further in to the financial markets.
IWIAfrica, a SWIFT Innotribe finalist, is designed to help businesses perform cashless transactions with customers using mobile devices, personal computers and points-of-sale. It uses a range of payment methods including digital wallets, banking services, cards and digital currencies.
The start-up will gain faster access to the global market through Volante’s product suite for transforming financial messages. The service enables communication with banks and financial institutions using SWIFT and FIX messages.
Volante will manage the financial messaging and data integration, allowing IWIAfrica to focus on the customer-facing mobile integration platform and commercial opportunities.
The partnership is intended to support enabling a digital securities trading exchange with ambitions to expand across Africa. It should result in smooth trading of securities using personal technology.
Mick Fennell, general manager for the Middle East and Africa at Volante Technologies, commented: “The global financial services market is ridden with both domestic and international standards, and all too often early-stage firms struggle to support the complexity of message standards adoption, let alone manage the myriad message changes and updates that continually occur.”
Allan Rwakatungu, CEO and founder of IWIAfrica, added: “In order to be competitive, we need to focus on the business and user functionality of our own technology, and take advantage of products that insulate us from the complexity of domestic and international standards.”
“We were very impressed by the vast library of standards from Volante, as well as by the ease of use for the integration of financial data and messages. This support and functionality from Volante removes a huge burden, allowing us to go to market faster and position ourselves as a proven proposition with global capabilities.”
Volante CEO Vijay Oddiraju said: “Partnering with IWIAfrica is representative of our strategic commitment to both enabling innovative financial technology start-ups and supporting infrastructure development in the emerging markets.”
“In both Africa and Latin America we’ve seen numerous inventive and dynamic start-ups enter the world of financial technology only to be stifled in their progress by the need to support multiple complex, and ever-changing, international message standards. We can offer them a quick and easy path to compliance so they can focus on customer differentiation.”
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