In a significant move to bolster its compliance and streamline its payment processes, South Africa’s Standard Bank has aligned itself with Volante Technologies, adopting Volante’s cloud-native Payments-as-a-Service (PaaS) and pre-processing solutions to enhance its operations. This strategic partnership is specifically designed to unify the bank’s multifaceted payment systems into a singular, cohesive platform, addressing various payment functions such as domestic, cross-border, real-time, high-value, and bulk payments. The primary beneficiaries of this consolidation will be Standard Bank’s corporate and investment banking clients, who are expected to experience a more efficient and seamless payment processing approach. Volante Technologies introduced these advanced solutions in 2020, facilitating end-to-end payment processing, starting from corporate initiation to onboarding and settlement network connectivity.
Streamlined Operations for Future Compliance
Volante’s pre-processing solution ensures efficient validation and routing of payment data through an advanced Software-as-a-Service (SaaS) integration with the bank’s mainframe. This integration not only secures operational continuity but also offers remarkable scalability, which is crucial as the bank prepares to meet the ISO 20022 compliance deadline set for November 2025. By incorporating these automated messaging capabilities, Standard Bank aims to effectively manage over 50 of its clearing and settlement systems, substantially enhancing the bank’s overall processing capabilities. Senior executives at Standard Bank are confident about the partnership’s potential to revolutionize the bank’s payment processing framework and boost operational efficiencies, ensuring the institution stays competitive and compliant in a rapidly evolving financial landscape. As the industry advances towards more sophisticated integrated payment solutions, Standard Bank’s innovative approach could serve as a model for other banking institutions aspiring for similar advancements.
