Deloitte team up with Volante Technologies for payments modernization

With more and more businesses adopting digital payments, the race is on to simplify payments technology for a vast number of financial institutions that would offer that to their clients.

This week, US-based cloud payment and financial messaging solution platform, Volante Technologies has joined hands with global consulting giant Deloitte to offer financial institution clients a new service that allows them to ‘transform how they run their payments business’.

With Volante’s cloud-based technology solutions for financial institutions, it will include insight and integrated services from Deloitte as part of a broader strategic alliance agreement, as stated in the press note.

This year, Volante Technologies partnered with TAB Bank to deploy its real-time payments for the bank’s clients. Last year, Volante Technologies had tapped Citi to work together on ISO 20022 adoption.

The new offering from the two companies will enable banks and payment service providers to provide ‘strategic and financial benefits of payments modernization and cloud technologies, while simplifying regulatory compliance challenges and reducing operational risk’.

“Payments institutions must modernize their core payments systems and operations to address the issues that matter most to their business’s success. No longer can anyone in the payments ecosystem rely on outdated technology solutions,” said Tushar Puranik, Managing Director, Deloitte Consulting LLP, and Payments Transformation Leader.

Puranik also stated that the reason for Deloitte’s partnership with Volante is due to the latter’s ‘modern, componentized, cloud-native solutions and services’ which helps FIs and payment processors to enable real-time payments and adoption of ISO 20022 regulations and standards.

According to the press note, Deloitte serves 94% of FIs on the Fortune 500 list and has ‘one of the largest payments-focused groups in the industry’.

“To meet evolving corporate and consumer expectations,” said Vijay Oddiraju, CEO, Volante Technologies. “Banks need to modernize their technology at every point in the payment lifecycle, and prioritize cloud and Payments as a Service model for payments processing”.