Volante Launches ISO 20022 Payments Software for Southern Africa

Volante Technologies has launched the SADC (Southern African Development Community) Payments IS0 20022 Conversion Pack, a set of software modules designed to help firms comply with the new payments infrastructure being created within the region, in which all 15 SADC countries work toward a common electronic payment system.

The software enables any bank to quickly convert to a SADC payments processing environment, and they can leverage the technology for use in other business areas with global and regional ISO 20022 projects.

“With nearly 60 different global initiatives currently in place, most organizations are going to be hit by at least one ISO 20022 initiative in the coming years, or more likely, by multiple ISO 20022 based projects across different business verticals. As more and more global and regional projects will require additional transformations of payments messages, securities messages, treasury data, supply chain finance, and more, banks can no longer afford to focus on a single payments project such as SEPA,” says Venkat Malla, vice president, product management, Volante.

Malla adds: “The world is migrating towards ISO 20022-based messages, and firms must prepare a coherent IT strategy that supports centralized ISO 20022-based messaging services, especially to address gaps in vendor and in-house supplied systems that will inevitably occur. ISO 20022 allows for many different variants, versions, transformations, and conversions, and each bank must ensure that they can support all aspects of processing within the time frames demanded by each market initiative. The SADC Payments Conversions Pack not only addresses the immediate needs of the SADC payments project, but also delivers long-term value. By leveraging existing technology, firms can address global initiatives such as SWIFT Remit or regional ones such as SEPA payments for credit transfers and direct debits.”