Volante and BNY Mellon collaborate for payments 29 January 2018New York Reporter: Jenna Lomax
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Volante Technologies has collaborated with BNY Mellon to create and deploy technology to enable real-time payments (RTP) in the US and internationally.
As part of the initiative, BNY Mellon launched two services, leveraging VolPay Hub technology provided by Volante.
BNY Mellon has also launched a new service, called BNY Mellon Tokenized Payments — now available with Zelle, which, according to BNY Mellon, will accelerate the transition from paper to electronic payments for its clients.
In support of BNY Mellon’s initiatives, Volante developed The Clearing House’s RTP processor module in collaboration with BNY Mellon to process real-time payments and to allow a transaction to reach its recipient within 15 seconds or less.
BNY Mellon’s was the first financial provider to create a real-time payment over the The Clearing House’s new real-time payments network.
Saket Sharma, chief information officer for BNY Mellon treasury services, said: “We are creating the building blocks for an integrated payments ecosystem both for today’s needs and for the next generation. This approach allowed us to be first to market with RTP and will also serve us well over the long term.”
He added: “Working closely with trusted and innovative fintech providers such as Volante and our own development resources helps us deliver sustainable value quickly.”
Vijay Oddiraju, CEO of Volante Technologies, commented: “Our collaboration with BNY Mellon on first-to-industry payments solutions further establishes our payments innovation capability. ... Implementing the first RTP processing hub in the US is the perfect example of collaborative teamwork between BNY Mellon and Volante, bringing greater value to BNY Mellon’s clients.”
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