Volante Technologies launches SWIFT message validation service on the cloud
- Digital Identity
- 18.09.2019 12:14 pm
Volante Technologies Inc., a global provider of technology and software as a service to accelerate digital transformation and payments modernization, today announced it has launched financial message validation on the cloud, available as an Amazon Machine Image (AMI) on the AWS Marketplace.
Volante’s new validation offering is available as a microservice to any users looking to test their SWIFT Standards Release (SR) 2019 messages ahead of go-live on November 17th, 2019. The validation service provides APIs for validating messages, ready for applications to use. The service enhances the validation process by not just identifying valid/invalid messages, but also returning a list of errors encountered. This information helps reduce the frequency and severity of formatting errors, and minimizes the risk of rejected messages. As a result, users will enjoy increased straight-through processing rates, greater efficiency, and lower cost for their financial messaging operations.
The cost for the service is based on hourly use rather than by message count or data usage, making it an affordable and scalable service. In order to improve security, users purchase dedicated hosting services in which they deploy the validation service AMI, giving them complete control and transparency.
Venkat Malla, Co-founder and Head of Product Management, Volante Technologies, said, “At Volante Technologies, we are constantly looking at ways to help our customers simplify complexity by introducing automation in the processing of financial messages. Making our new message validation as a service offering available as an AMI on AWS is an important further step in this direction. The SWIFT validation API, which will help anyone looking to validate their SR 2019 messages in advance of the live date, is only the first of many cloud based services we plan to launch in the future.”
Deepak Gupta, Global Head of Software as a Service, Volante Technologies, said, “Pressure from multiple sources is forcing banks and financial institutions to explore every avenue to improve time-to-market and increase operational efficiency. As a result, a growing number of institutions are now taking a ‘cloud first’ strategy to meet these demands and help lower the cost of technology ownership. Volante has partnered with the best cloud providers in the industry, and we are delighted to offer this new validation service on the cloud along with other cloud-native Volante solutions such as VolPay for payments processing.”