Volante Technologies, which claims to be the global leader in cloud payments modernization, announced it has been working with a leading U.S. banking customer in order to “help the custodian bank successfully complete pilot testing on the FedNowSM instant payments service.”
The comprehensive pilot test “included various transaction scenarios, such as send, send/receive, and bank-to-bank pilot testing.”
By validating the core instant payments functionality on the FedNow network, Volante reaffirmed its commitment “to assisting banks in seamlessly adopting the groundbreaking instant payments network.”
Reed Luhtanen, Executive Director, U.S. Faster Payments Council (FPC), said:
“For banks embarking on their instant payments journey, Volante Technologies has been a steadfast partner, providing innovative solutions and expertise. Their commitment to driving industry progress and supporting financial institutions is commendable. As a sponsor of the FPC’s annual Barometer survey, Volante actively contributes to the evaluation of payment system stakeholders, enabling us to assess the advancements, trends, and challenges surrounding faster payments in the United States.”
While the FedNow Service will not launch until July of 2023, banks can already test their ability to connect “to the network with Volante so that they can offer instant payment services to their customers when the service becomes available.”
In the meantime, Volante provides “a single solution to support all U.S. real-time payments, including The Federal Reserve’s FedNow service, The Clearing House RTP® and Zelle®, which are available on premise, in the cloud or as payments-as-a-service model.”
Deepak Gupta, SVP & Global Head, Payments as a Service, Volante Technologies, said:
“Key features such as the ability to automate payments and flexibility of funds are driving businesses toward faster payment options which they leverage to lower costs and help manage cash flow.”
Gupta added:
“We are proud to have supported our customer in completing pilot testing and validating our ability to support core instant payments functionality on the FedNow service. We value our partnerships with our customers and will continue to drive innovation and the adoption of instant payments, so firms of all sizes remain poised for growth.”
A recent study by the Federal Reserve finds “that 62 percent of its respondents noted cash flow management as one of their most impactful challenges and reported a need for greater flexibility and speed in their payment options as they navigate supply chain complexity and other economic obstacles.”
Volante is a longtime “supporter of early adopters on the FedNow instant payments network and is known for driving ubiquity of real-time payments across the globe.”
In 2017, Volante facilitated “the first real-time payment for BNY Mellon over The Clearing House RTP network.”
Following the launch of its real-time payments solution, it remained “a driving force in payments modernization internationally, helping banks of all sizes process instant payments in Europe (SEPA instant payments through TIPS and RT1), Mexico (SPEI), Saudi Arabia, and many other countries.”
The latest achievement “builds on its history of being at the forefront of the industry and solidifies its position as payments pioneer.”
