Volante Technologies has formed a strategic alliance with Standard Bank to modernize payment infrastructures across Africa, starting with South Africa. This partnership aims to revamp Standard Bank’s payment operations using Volante’s Payments as a Service (PaaS) platform and Embedded Preprocessing solutions. By centralizing multiple payment standards, the goal is to streamline both domestic and cross-border transactions, enhancing efficiency for Standard Bank’s Corporate and Investment Banking clients. Volante’s system integrates with the bank’s existing infrastructure, promoting digital transformation through simplified processes, increased operational efficiency, and an improved client experience.
A key component of this modernization is Standard Bank’s adaptation to the ISO 20022 messaging standard, benefiting clients across 18 additional African countries. Standard Bank officials emphasize this transition’s role in providing continuity and scalability, supported by a robust network of over 50 clearing and settlement systems. The collaboration aligns with Standard Bank’s operational goals, aiming to address challenges such as cross-border payment costs, liquidity management, and API integration identified in Volante’s ‘Payment Modernization: The Big Survey 2024.’
Strategic Focus and Technological Integration
Volante Technologies is a global provider of cloud-based payments modernization, serving major financial institutions with ISO 20022 compatibility and API-enabled solutions. The partnership with Standard Bank marks a significant step towards enhancing digital capability on the continent. By leveraging Volante’s advanced technology, Standard Bank aims to improve service delivery, reduce the time and cost associated with transactions, and better manage liquidity. The cloud-based nature of Volante’s solutions ensures agility and scalability, key factors as the bank navigates the complex landscape of digital banking transformation in Africa.
Standard Bank Group operates in 20 African countries and select international financial centers, strategically focusing on connecting Africa with global markets. The expected outcomes of this partnership are substantial. With improved payment processing speeds and a reduction in operational costs, the bank anticipates a significant increase in customer satisfaction and service quality for its corporate treasury clients. By working with Volante, Standard Bank is set to offer a seamless and more efficient banking experience to its customers, which could translate into increased business growth and market reach.
Enhancing Cross-Border Payments and Client Experience
Volante Technologies has entered a strategic alliance with Standard Bank to upgrade payment infrastructures across Africa, beginning with South Africa. The partnership intends to overhaul Standard Bank’s payment operations using Volante’s Payments as a Service (PaaS) platform and Embedded Preprocessing solutions. Centralizing various payment standards aims to simplify both domestic and international transactions, increasing efficiency for Standard Bank’s Corporate and Investment Banking clients. Volante’s platform integrates seamlessly with the bank’s existing systems, driving digital transformation by streamlining processes and improving operational efficiency and client experiences.
A significant part of this modernization is Standard Bank’s switch to the ISO 20022 messaging standard, which will benefit clients in 18 additional African countries. Standard Bank officials highlight the transition’s role in ensuring continuity and scalability, fortified by a vast network of over 50 clearing and settlement systems. The partnership aligns with Standard Bank’s goals, addressing key challenges like cross-border payment costs, liquidity management, and API integration, as noted in Volante’s ‘Payment Modernization: The Big Survey 2024.’
