Standard Bank selects Volante Technologies’ PaaS for ISO 20022 compliance
South Africa’s Standard Bank has signed for the Payments-as-a-Service (PaaS) and embedded pre-processing solutions of Volante Technologies to consolidate multi-payment systems and enhance compliance with global ISO 20022 standards.
Standard Bank partners with Volante Technologies for PaaS
The cloud-native PaaS model, launched by the India-based vendor in 2020, supports the processing of different types of payments end-to-end, from corporate initiation and onboarding to clearing and settlement network connectivity.
Its embedded pre-processing solution complements this remit by preparing and managing payment data before it enters the main processing system, validating and routing payments through a Software-as-a-Service (SaaS) integration with the mainframe.
The two solutions together will assist the $166 billion-asset bank in “centralising multiple payment formats and standards into a consolidated system”, according to a statement by Volante.
This consolidation will span Standard Bank’s domestic, cross-border, real-time, high-value and bulk payment functions to the benefit of corporate and investment banking clients specifically.
As a result of the solutions’ automated messaging capabilities, the partnership is also expected to benefit Standard Bank’s compliance with ISO 20022 messaging standards ahead of the November 2025 deadline.
According to William Kent, executive business head at Standard Bank, the initiative will manage over 50 clearing and settlement systems and ensure “both operational continuity and scalability”.
