Volante Technologies has partnered with BNY Mellon for the development of advanced payments technology.
Under the deal, the partnership will create and deploy technology to enable real-time payments in the US and globally.
As part of its payments modernization initiative, BNY Mellon introduced two services leveraging VolPay Hub technology offered by Volante.
As a first step, BNY Mellon has implemented a real-time payment over the The Clearing House’s new Real-Time Payments network.
BNY Mellon has worked with The Clearing House and other banks to set standards for clearing and settling payments in real-time.
As part of second initiative, BNY Mellon launched a new service called ‘BNY Mellon Tokenized Payments– now available with Zelle’ to speed up the transition from paper to electronic payments for their clients.
To support both initiatives, Volante developed TCH RTP processor module along with BNY Mellon for processing real-time payments and enable transaction to reach its recipient within 15 seconds or less.
BNY Mellon Treasury Services chief information officer Saket Sharma said: “We are creating the building blocks for an integrated payments ecosystem both for today’s needs and for the next generation. This approach allowed us to be first to market with RTP and will also serve us well over the long term.”
Volante Technologies CEO Vijay Oddiraju said: “Our collaboration with BNY Mellon on first-to-industry payments solutions further establishes our payments innovation capability. We are enormously proud to have played such a significant role in the historic moment of US real-time payments.”
Volante’s VolPay Foundation platform includes suite of modular tools designed for banks and corporates implementing payment systems. The tools will help to deal with specific challenges in message and data integration.
Image: Volante has collaborated with BNY Mellon to develop advanced payments technology. Photo: courtesy of Stuart Miles / FreeDigitalPhotos.net.