First American Trust FSB Selects Volante Technologies US Fedwire as a Service in the Cloud

First American Trust FSB Selects Volante Technologies US Fedwire as a Service in the Cloud
15.06.2020 01:15 pm

First American Trust FSB Selects Volante Technologies US Fedwire as a Service in the Cloud

Payments

 Volante Technologies Inc., a global provider of payments solutions to accelerate digital transformation, today announced that First American Trust FSB has selected Volante’s US Fedwire as a Service. First American Trust FSB offers banking solutions for the escrow and real estate industries. Volante’s service, running on Microsoft Azure, will replace the bank’s legacy Fedwire processing solution and modernize its payments processing infrastructure.

By automating wire processing with Volante’s Fedwire as a Service in the cloud, the bank will benefit from resilient, reliable, and scalable payments technology. They will be able to smoothly handle increasing wire volumes, and ensure that their customers’ wires are never missed, duplicated, or delayed.

In the future, First American Trust FSB will also be able to easily extend the service to other currently available payment types such as ACH, The Clearing House RTP®, and SWIFT cross-border payments. The service’s native ISO 20022 messaging and 24x7x365 operational capabilities also ensure that the bank will be ready to make the most of the Federal Reserve’s upcoming enhancements to the U.S. payment system, including the FedNow real-time payment system.

Robert Lawson, Senior Vice President, Strategic Initiatives at First American Trust FSB, said, “We were looking for a partner that could help us meet our strategic goals by providing a service-based payments processing capability that would create greater efficiencies within the bank, and enable a superior experience for our clients.”

“Volante’s payments as a service (PaaS) in the cloud meets our business requirements, supports our growth, and ensures that we will be able to quickly roll out new payment services in the future,” Lawson continued.

Vijay Oddiraju, CEO, Volante Technologies, said, “Volante’s Fedwire as a Service provides end-to-end processing of wires from corporate initiation through to clearing and settlement, with direct connectivity to the Fed. By deploying the service in the cloud, we are offering banks rapid implementation and time to value, with the same reliability and speed taken for granted in consumer payments. The cloud based, active-active-active architecture, an industry first, delivers unparalleled availability, ensuring First American Trust will be able to focus on growing their business without any limitations on scale or resiliency.”

Ed Fandrey, Vice President, Financial Services at Microsoft Corp., said, “Many banks are experiencing significant growth in Fedwire volumes – and electronic payment volumes overall. Legacy systems and services cannot manage this growth and cloud-based payment processing services are an ideal resolution. With ‘cloud-first’ approaches becoming the norm for payments processing, Microsoft Azure is an ideal fit.”

Related News

Anglian Water Launches its Digital Transformation with Bottomline

Bottomline (NASDAQ:EPAY), a leading provider of financial technology that makes business payments simple, smart and secure, today announced Anglian Water’s... Read more »

Paymentology Partners With Intercash to Enter Latin American Market

UK cloud-native payment processor Paymentology has extended its global footprint into the Latin America and Caribbean regions as it announces a partnership... Read more »

FSS and Everlink to Drive Card Payments Growth in Canada

FSS (Financial Software and Systems), a global payments technology company, announced today that Canada’s Everlink Payment Services Inc., a... Read more »

Neo Launches Multi-Currency Account for SMEs

Neo, the treasury management, payments and FX fintech, is launching a new international multi-currency account service for small and medium-sized enterprises (... Read more »

bitFlyer Europe Launches PayPal Integration

Leading cryptocurrency exchange ... Read more »

SWIFT Announces a New Strategy for Instant, Frictionless Payments and Securities Processing

SWIFT announces that over the next two years and beyond it will fundamentally transform payments and securities processing, retooling cross-border... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel