Powered by Volante’s low-code technology, the ISO 20022 service provides API components based on comprehensive standards libraries, simplifying ISO 20022 adoption for financial institutions
Volante Technologies, the global leader in cloud payments and financial messaging, announced the launch of the Volante ISO 20022 Service. This value-added service simplifies the complexity of ISO 20022 modernization for any organization involved in the processing of payment messages, from banks and financial institutions to fintechs and payment service providers (PSPs).
Such organizations face significant headwinds in achieving ISO 20022 message compliance, whether for domestic clearing and settlement (TARGET2, CHAPS, Fedwire™, among others) or for cross-border payments (SWIFT CBPR). Many still rely on legacy systems that cannot be updated to ISO 20022 at all, or require major upgrades to accommodate the new standard and its extended data capabilities.
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According to Gareth Lodge, Senior Analyst at Celent, “87% of global high value clearings will be ISO 20022 by 2025. This poses acute difficulties for larger financial institutions who operate in multiple countries and regions and must balance a constantly shifting landscape of market infrastructure deadlines with limited IT resources and budgets. Even without legacy constraints, de novo banks and PSPs also face challenges, as they must find ways to differentiate from their established competitors by going beyond compliance to deliver value from ISO 20022.”
The Volante ISO 20022 Service enables financial services developers and architects to address these challenges by easily incorporating value-added ISO 20022 modernization capabilities into their applications. The service, built-on Volante’s proven low-code technology, contains microservices-based APIs for initiation, transformation, and translation of ISO 20022 messages to and from legacy formats.
The APIs can be deployed in an organization’s data center or private cloud, or consumed as a service in Volante’s secure cloud. For all deployment models, Volante offers a free cloud sandbox enabling customers to test the catalog of ready-to-consume APIs before using them in mission-critical production applications, facilitating seamless upgrades as standards evolve.
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Organizations adopting the Volante ISO 20022 Service for their compliance and migration programs will enjoy a wide range of benefits. They will be able to extend the life of their legacy systems, protecting their businesses from change. They will also be able to quickly build value-added services based on the extended/rich data features of the standard and accelerate time to market for such services by eliminating hand-coding. Other benefits include improved performance for end-to-end processing, higher straight-through processing (STP), and cost reductions of 60% or more compared to traditional ISO modernization approaches.
Nihit Ahuja, Global Business Head – Platforms, Volante Technologies, said, “At Volante, we are proud of our 20+ year history of delivering financial messaging standards-based, low-code services for application developers. We also have extensive experience working on ISO 20022 modernization programs with leading financial institutions. We are delighted to be making this expertise available to developers everywhere in the form of easily consumable APIs through our ISO 20022 service, on or off the cloud.”
“This is just the beginning,” continued Ahuja. “We are investing heavily in our roadmap, enhancing our low-code platform to enrich this new service and bring new value-added services to the market.”
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