Volante Technologies, a US-based financial data integration tools provider, has expanded its suite of payments software solutions by launching a new payments processing product, called VolPay Channel.
The product is a host-to-host (H2H) on-boarding and pre-processing engine that manages data imports and exports between banks, corporates and treasury departments.
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VolPay Channel has been designed specifically to ease the complexity, time and cost taken for host to host on-boarding process. It also integrates, validates and pre-processes payment transactions to ensure shorter time to revenue.
The solution delivers a streamlined, guided process to systematically define the customer’s preferences, business rules and exception management process flows.
The company said that VolPay Channel also consists of a test harness to ensure that the final configured operation aligns with both the customer and bank’s requirements.
The product is a thin client application that can be used in the private or public cloud as a hosted service, or as an in-house standalone application. It utilizes the ISO 20022 data dictionary as its internal model and operates through model based definitions rather than coding.
The offering features a library of over seventy domestic and international financial message plug-ins and associated pre-built transformations that allow banks to reduce the impact of the complexity of integration with the H2H channel on their internal systems.
Volante Technologies VP of product management Venkat Malla said: "Although the process around the due diligence aspects of on-boarding new customers has become more streamlined of late, the technical aspects of the on-boarding process have remained onerous, costly and to date, very time consuming. We challenged ourselves to find a better way, and through our expertise and innovative design, we have been able to effect significant efficiencies in the corporate to bank payments integration space."
Volante Technologies director head of payments product Nadish Lad said: "VolPay Channel’s application centric approach guides the bank and their customers through a streamlined configuration process, driven by the bank’s implementation team, resulting in the rapid completion of customer on-boarding.
"VolPay Channel is challenging the way customer on-boarding is currently executed, enabling the bank to offer a format agnostic proposition. Its prime purpose is to ensure that the time taken to on-board customers correctly and comprehensively, is significantly reduced and therefore the all-important time to revenue is also reduced."
