Cloud payments and financial messaging provider Volante Technologies has launched Embedded Preprocessing, a solution for banks to adapt, improve customer service, and drive business growth. The new solution has already been integrated into the operations of a South African financial institution and a regional business bank in the United States.

Legacy systems have often hindered banks from introducing new capabilities and payment channels, leading to increased costs and risks, as well as potential damage to the customer experience. Volante Embedded Preprocessing addresses these challenges by allowing banks to modernise their payments infrastructure without replacing existing systems, resulting in a 40% reduction in the cost of ownership. Additionally, financial institutions gain access to the latest payments innovation, leading to a 50% improvement in time to revenue and enabling them to seize new market opportunities more swiftly.

With Volante Embedded Preprocessing, banks can reportedly manage payment validation before it reaches the processing hub or core, facilitating increased message processing, reduced investigations, and higher straight-through processing rates. The solution offers standardised APIs for easier integration with existing infrastructure, such as processing hubs and core and ERP systems. By making more informed decisions, customer teams can improve service quality while reducing costs and risks associated with relying on a central system.

The solution provides banks with a comprehensive view of critical payment information through a single dashboard, enabling them to make informed decisions and offer consolidated payment views to business clients, even if their existing ERP and accounting systems do not consolidate payment information. Clients can expect a 60% reduction in onboarding time and gain the ability to choose from various payment options and channels based on smart routing capabilities that consider factors such as business rules, speed, cost, and client preferences. According to a Strategic Advisor at Aite-Novarica, Volante Embedded Preprocessing helps financial institutions increase the adoption of new payment channels for business clients, resulting in higher straight-through processing rates and unlocking new revenue streams.

The solution reportedly offers a fast and low-risk path to payment modernisation, and cloud-based alternatives with easier integration can significantly reduce implementation times. The SVP & Global Head, Payments as a Service at Volante Technologies highlighted the complexity of offering new payment methods to business customers and the need for flexibility in payment options. Volante Embedded Preprocessing aims to remove friction in the process, assisting banks in building brand loyalty and offering smaller banks the same modernization options as their larger counterparts.

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