Salt Edge, a pioneer in open banking, today announced its partnership with Paysafe, a leading specialised payments platform, to implement instant validation of bank account ownership and streamline the onboarding process for the company’s customers in the UK and the EU.

In supporting Paysafe, a market leader with over 20 years of experience in payments, Salt Edge had a clear objective to streamline the company’s customer experience when connecting a bank account with a merchant payment processing or digital wallet account. Given the vital importance of onboarding to the overall customer experience, Salt Edge’s solution will accelerate onboarding for Paysafe and alleviate the pressure of the traditional manual efforts while mitigating fraud risk. Salt Edge’s open banking-powered Account Information API will offer secure access to accounts in banks across the EU and the UK, assuring Paysafe a quick way to connect and instantly verify bank accounts.

Using Salt Edge Account Information solution, Paysafe will enable its EU acquiring and digital wallet customers to confirm their bank accounts. This will allow Paysafe to automatically validate bank account ownership and will eliminate the need for customers to submit documentation showing proof of bank account ownership. The collaboration will enable Paysafe to further improve the robustness of their entry point fraud controls, by ensuring the bank account details submitted are legitimate and they link to the applicant.

We know all too well how time-consuming it can be to set up financial services or products. Here at Salt Edge, we believe that consumers deserve the best experience when they’re accessing financial services and we are delighted to support Paysafe in their journey to offer simple and friction-free UX. Through Salt Edge, Paysafe can implement open banking-enabled onboarding that increases conversion and takes just minutes. Moreover, instant access to data from users’ banks grants protection against account fraud and boosts operational efficiency.

Vasile Valcov, VP at Salt Edge

• A report by Fasthosts has revealed that the pandemic has left UK businesses vulnerable to fraud and cyber-attacks.
• Data from the National Fraud Intelligence Bureau show that businesses have had over £2.4 billion losses due to cybercrime in the past year!
• Since January 2021 there were 445.357 reported cases of cybercrimes in the UK.

Mass home working has opened up opportunities for criminals, with the number of scams on the rise¹. Cybercriminals stole millions from businesses during the COVID-19 pandemic, using time-tested tactics like phishing, social engineering, and other tools of the trade.

A new report by Fasthosts reveals the true cost of cybercrime during the pandemic by using compiled data from the National Fraud Intelligence Bureau (NFIB)². Based on the report, it’s revealed that since January 2021 there were 445,357 reported cases of cyber and fraudulent crimes targeting online businesses. The cost of these crimes is estimated to reach almost £3 billion in reported losses!

Top 3 types of UK cybercrime and fraud

The most common type of cybercrime in the UK comes in the form of online shopping and auctions. Specifically, based on the report there were almost 90,000 reported cases of online shopping fraud over the last 13 months. This comes as no surprise as the pandemic has shifted the online shopping behaviours with consumers choosing to accommodate their needs through digital channels.

The second most common type of reported cybercrime is advance fee fraud, where online victims were asked to pay an up-front fee for their purchase when in reality the product or service never existed. Lastly, according to the NFB, 6% of the total reported cybercrime scams in the past 13 months were bank scams in the form of cheque, plastic cards and online bank accounts.

Who’s most affected by cybercrime

Most businesses were forced to carry out an abrupt digital transformation due to the health crisis in 2020 to ensure they were protected and continued functioning. Based on a study carried out by Statista, the pandemic accelerated the digital transformation for businesses by 36% worldwide and 39% in the UK³.

Based on the report 87% of the reported cybercrime cases were aimed at individuals whereas 13% affected organisations. Specifically, consumers falling into the 20-29 and 30-39 age categories were affected more than others. On the contrary, based on the research those in the older age ranges reported half as many cases as the younger age groups.

Michelle Stark, Sales, and Marketing Director at Fasthosts comments: ‘‘The pandemic significantly affected both businesses and individuals. It led to a dramatic shift in consumer behaviour, as many purchases that were normally made in-person were forced online. As a consequence of this rapid digitisation, there was an immediate greater need for online security measures and vigilant risk management from businesses.

Whilst behaviours and attitudes are shifting back to the way they were pre-pandemic, we’re unlikely to see a full return to the world pre-COVID. Despite the immense disruption it brought, the pandemic gave a newfound opportunity for strategic investment, particularly into digital channels. Many businesses have now already pivoted to meet this new consumer demand, but it will require extra care from both businesses and consumers to minimise the risk of becoming victims of cybercrime.”

The full study can be found here: https://www.fasthosts.co.uk/blog/cybercrime-pandemic/ 

●      The ProcureTech company has announced a funding round led by Octopus Ventures 

●      Cloud-based platform helps companies procure more strategically, and better manage supply chain risk and compliance

●      The funding will be used to develop a suite of SaaS applications and to enable international expansion

●      Contingent’s global customer base has been growing at 10x p.a. and includes companies such as Monzo, Seagate, Huel, Barratt Developments plc and HM Government

Contingent, the Supplier Insight platform that makes procurement easy for the whole business, today announces it has successfully completed an $8.2m funding round.

The round was led by Octopus Ventures, one of Europe’s largest and most active early-stage investors with participation from Connect Ventures, Concentric, Seedcamp, Ascension, and Working Capital Innovation Fund. 

How Contingent is re-inventing procurement:

Despite being core to how all businesses operate, there is far too much friction in the process of procuring goods and services, and companies are often left unaware of the potential risks accompanying their decisions.

Contingent’s mission is to fundamentally change how procurement is done, helping companies reduce friction and increase resilience, while empowering procurement teams to make the right choices and partner more closely with the wider business. 

Easy to use and simple to set up, Contingent’s lightweight and proactive real-time insights tool fits seamlessly into an organisation’s existing procurement workflow and technology ecosystem, and provides the answers the team needs to act.

The funding will be used to continue building out Contingent’s suite of modular SaaS applications, with a particular focus on meeting the growing demand for more transparent and ethical supply chains. In addition, with strong global demand for its services, the company is actively looking to expand into the US and across Europe, and will be rapidly hiring into its product, engineering, and commercial teams over the coming months. 

The growing demand for resilience and transparency:

Fred Ellis, Investor, Octopus Ventures, believes the need for companies to be more strategic in the way they procure goods and services has now become a board-level priority and can be a source of competitive advantage. “All over the world, companies are re-thinking how and where they procure goods and services. Supply chains are becoming more interconnected, global, dynamic, and unpredictable, increasing the risk of supply disruption, and associated financial losses.”

Paarul Dudeja, Managing Partner, Working Capital Supply Chain Fund, which is backed by the likes of The Walt Disney Company, Apple and Zalando to solve exactly these types of problems, adds that “Regulators, business partners, and customers are increasingly demanding higher ethical standards and more transparency through the supply chain. This has put greater focus on understanding who companies do business with, which is creating additional friction with more documentation to be collected, and more risks to stay on top of.”

Tai Alegbe, Co-Founder and CEO of Contingent, says “The typical questionnaire process to onboard suppliers is widely accepted to be fundamentally broken. A huge amount of buyer and seller time and resources are wasted in collecting information from suppliers, most of which is rarely read. It’s hard to spot risks, with companies reliant on supplier self-certification, and with no time or information to verify claims.

“Teams are then usually entirely reliant on word-of-mouth or pot luck to know if anything changes, usually finding out too late, resulting in them reacting to issues rather than being able to be proactive. The only antidote to this, historically, is to repeat the document collection periodically to ‘refresh’ the process. Teams want to invest their time and energy in understanding whether the product or service can meet their goals, not on whether the supplier meets internal or external requirements.”

Rory Stirling, Partner, Connect Ventures, comments: “Procurement and supply chain management have been overlooked for too long, served by clunky, legacy technology. An exciting ecosystem of cloud tools connected by APIs is emerging and there’s a huge opportunity to improve the status quo, and recognise the procurement team as the heroes they are. We’re excited to continue backing Contingent and the role they will play in developing this space.”

Contingent’s customer base has grown tenfold:

Launched in 2020, Contingent was conceived, designed, and built by a team of risk technology veterans and AI researchers operating at the bleeding edge of supply chain risk, data, and computer science and compliance, due diligence and screening risk. Together, they built the world’s first SaaS product that provides a quick, complete, up-to-date analysis of suppliers and businesses, thereby helping firms comply with regulation, reducing third-party risk exposure, and improving team efficiency.

Steven McGeagh, Senior Procurement Manager at Huel, says “There is an ever increasing amount of focus on risk management within supply chains and Contingent provides us with a platform to capture the key areas of risk. As we put more of a spotlight on ESG, the team at Contingent is continuously improving the platform, its features and coverage, which supports us as we continue to grow as a business.”

This takes the company’s total funding to date to $11m with previous investment led by Connect Ventures and including participation from Seedcamp, Concentric, and Angel Invest Ventures. Contingent’s global customer base has been growing at over 10x p.a. and the platform is used by procurement and supply chain teams at companies such as Monzo, Seagate, Huel, Barratt Developments plc, and HM Government. 

Today, the Contingent platform covers a wide range of insight domains to meet procurement, third party risk and regulatory requirements around financial stability, ownership, legal, compliance, quality, cyber, and ESG (Environmental, Social & Governance).

The three new offerings are Bitcoin Vest, Third-party Vests, and DIY Vests  

• Bitcoin Vest - A portfolio that gives investors an alternative way to invest in Bitcoin and to hedge against taxation in direct cryptocurrency investments
• Third-party Vests - Vests created by industry analysts like Wright Research and Negen Capital
• DIY Vest - Investors can create their own portfolios

Vests are curated portfolios that comprise stocks and/or ETFs. Vests are constructed with different goals or themes in mind. Before this launch, only Vests created by Vested were offered on the platform. Now users and industry analysts can also create their own Vests.

Bitcoin Vest

The Bitcoin Vest gives Indian investors an alternate way to invest in Bitcoin. Budget 2022 introduced a 30% tax on profits made by Crypto investors. Furthermore, a 1% tax deducted at source is also proposed on all crypto transactions. Through the Bitcoin Vest, Indian investors can get exposure to Bitcoin without directly buying any cryptocurrency. In this way, investors could benefit from lower taxation.

The Bitcoin Vest is constructed using equities of various publicly traded companies that have exposure to Bitcoin. Plus, it also has a small allocation to the ProShares Bitcoin Strategy ETF (BITO), a Bitcoin futures ETF.

Third-party Vests

Third-party Vests are portfolios constructed by external analysts who have years of experience in the investment industry. These analysts can rebalance the Vests when required, and with a single click, Vested users can accept the latest rebalancing notification. Vested is launching these Vests exclusively with a select few analysts that include the likes of Negen Capital and Wright Research.

DIY Vests

As the name suggests, DIY Vests are Vests that users can create on their own. This will help them track specific strategies and share them more easily with others. Investors can also use these Vests as custom watchlists and easily rebalance the Vest as and when required.

Commenting on the launch of these Vests offerings, Viram Shah, Co-founder & CEO, Vested Finance said, “At Vested, it has always been our endeavor to enable Indian investors to avail global diversification opportunities in an easy and cost-effective manner. We launched Vests that are researched and created in-house more than two years ago. Since then, we have witnessed great interest from users to invest in the Vests. Hence we have decided to offer more Vests to our customers and to let them create their own Vest. Additionally, the Bitcoin Vest will allow Indian investors to invest in Bitcoin without buying any Bitcoin and Third-party Vests are a step towards adding more research and advisory to the Vested platform.”

Neil Bahal, Founder and CEO of Negen Capital, commented on the launch of their Vest, “Our strategy is to take advantage of the recent sell-off in US Tech stocks and create a Vest that would give us exposure to segment leaders with high growth. Vested Finance is our partner of choice as they are solving a critical issue of diversification for Indian investors. I believe investors should have a long-term view of US equities and invest gradually via SIP to minimize the impact of volatility.”

Sonam Srivastava, Founder, Wright Research on the launch of the Wright Research Vest said, “The Wright Tactical US is a moderate-risk tactical asset allocation portfolio that is rebalanced every month to achieve optimal allocation for any market regime. If a customer prefers well-diversified equity portfolio exposure through various ETF holdings, one may like this.”

New Chief Legal Officer set to accelerate the open banking fintech’s global ambitions

Yapily, the leading open banking infrastructure provider, today announces it has appointed Selene Brett as its Chief Legal Officer, where she will play a key role in expediting Yapily’s strategic growth plans.

Selene brings deep financial services, fintech, and open banking expertise to the role following an extensive career to date in legal advisory services. She has previously held positions at Aon, Royal London, consumer champion Which?, and most recently the Open Banking Implementation Entity (OBIE) as General Counsel and Company Secretary. 

At Yapily, Selene will be responsible for leading the legal, risk, and compliance functions to deliver strategic advice, improve efficiency, and stimulate growth as the fintech company continues to scale its customer base and operations globally. 

Speaking about her appointment, Selene says: “I am a huge believer in the transformative power of open banking for the benefit of consumers and businesses. It’s why I can’t wait to continue to play my part in the open banking ecosystem. Over the last five years, I’ve watched Yapily grow from a disruptive new market entrant into a market leading player. Card networks continue to monopolise the global movement of money and although open banking has shifted the ownership of and access to financial data, there is clearly much more to be done. I’m excited to work with a company that is breaking down the barriers to innovation in this space whilst championing a culture closely aligned to my personal values”. 

Stefano Vaccino, CEO and Founder of Yapily, says: “I’m delighted to welcome Selene to our executive team, bringing a wealth of knowledge and experience to the role. As we grow and mature as a company, Selene will play a pivotal role in our company’s direction, commercial agreements, and strategies to enable rapid growth. I’m looking forward to seeing what she and the team can accomplish together.” 

The appointment follows Yapily’s Series B funding raise of $51m, led by Sapphire Ventures, to expand across Europe and beyond as open finance regulation is implemented globally. Bridging the gap between banks and third parties via API technology, Yapily seeks to enable better and fairer financial products for everyone through open data access. 

Trading Technologies International, Inc. (TT), a global provider of high-performance professional trading software, infrastructure and data solutions, announced today that the firm has acquired RCM-X, a technology provider of algorithmic execution strategies and quantitative trading products. TT made the announcement at a session with leaders of many of the largest global financial institutions on the first day of the 2022 International Futures Industry Conference in Boca Raton, Florida. Both firms are based in Chicago.

The agreement represents the first acquisition since TT was acquired by 7RIDGE in December 2021, when the technology firm announced plans to grow the organization organically and through acquisitions. Terms of the transaction were not disclosed.

Keith Todd, CEO of TT, said: “We are moving full speed ahead on our strategic plan, and with this acquisition, have already further expanded the TT trading platform capability within the first three months of 2022. This acquisition of RCM-X, with its outstanding team, best-in-class execution tools and superior performance, reflects our commitment to continually broadening our offering. Not only will we make the full suite of popular RCM-X products available to every TT user, but access will be seamless as we fully integrate the service into the TT platform.”

RCM-X offers a broad range of algorithmic execution strategies – designed, tested and developed with its proprietary high-performance technology stack – built by experienced market practitioners and data scientists. The firm also provides comprehensive trade analytics and independent transaction cost analysis (TCA) solutions, as well as back-testing and simulation services. The RCM-X engineering team can work with clients to create bespoke algorithmic strategies or fully automated solutions tailored to their trading objectives.

Joe Signorelli, RCM-X CEO, said: “We’re extremely proud of what we’ve built and accomplished over the years and excited to bring our unique product suite, innovative technology and talented staff to an entirely new level as part of Trading Technologies. TT is deeply embedded in the culture and daily operations of so many firms, and its market access across the globe aligns optimally with both our current footprint as well as the growth of our execution algo business and software distribution. TT clients will soon be able to use and provide their own customers with a breadth of advanced execution algorithms, comprehensive trade analytics and independent TCA services from the TT platform they use every day.”

Signorelli has more than three decades of experience across equities, futures and derivatives, with an emphasis on quantitative and algorithmic trading, portfolio management and product development. He founded RCM-X in 2017 after recognizing an opportunity to satisfy the demand for institutional execution algorithms in the futures markets and provide a research and development platform for the growing quantitative approach to trading.

Todd added: “I’ve known Joe for a number of years, and the TT team has a successful relationship with RCM-X that goes much further back. We’ve all been impressed with the team’s deep domain and statistical analysis expertise. This is a perfect fit for us, and it will bring tremendous benefits to our clients and growth to TT.”

Talent.com, the fast-growing global player in next-generation job search platforms, today announced a $120 million US Series B funding round led by Inovia Capital, with the participation of existing investor Caisse de dépôt et placement du Québec (CDPQ), and new investors Investissement Québec, Climb Ventures, BDC Capital, Fondaction, and HarbourVest Partners.

This brings total recent investments to $150 million US, including $30 million US in new debt financing from the Technology & Innovation Banking Group at BMO Financial Group. This new funding will allow Talent.com to further expand its user-centric, programmatic job search platform by improving the relevancy and efficiency of the job search experience for job seekers. The funds will also be used to hire new team members globally, invest in product development, further establish the brand and scale its newest solutions for SMBs.

"We’re thrilled to have reached this exciting milestone in the life of our company,” says co-founder and co-CEO Maxime Droux. "With this new investment, we look forward to further strengthening our position as a leading global next-generation job search platform by hiring top talent and increasing our investment in product and R&D.”

Talent.com is available in 78 countries and 29 languages and currently employs 400 people globally. Its proprietary technology matches job seekers with relevant job opportunities while its pay-per-click model helps recruiters easily adjust their job advertising campaigns based on performance.

The platform is one of the largest sources of employment in the world, displaying more than 30 million jobs from 1 million companies, with repeat and growing engagement from international brands. Talent.com has consistently been featured as one of the fastest-growing companies in the rankings of the Financial Times, The Globe and Mail, and Deloitte’s Technology Fast 500.

“The race for talent has only been accentuated by the significant challenges that businesses are facing right now. Talent.com has rapidly grown to become one of the largest and most international platforms for employers to source and recruit”, says Chris Arsenault, Partner at Inovia Capital. “This partnership is prompting a new phase of growth as they launch a suite of value-added products to become a true job-seeker-centric platform.”

“Talent.com continues to be a disrupter of the very large global recruiting industry and is well positioned to accelerate its impressive expansion through its ability to adapt to the changing market and technology,” says Alexandre Synnett, Executive Vice-President and Chief Technology Officer at CDPQ. "Since our first investment in 2019, the company has tripled in size, and we are committed in supporting its future growth."

Co-founders Maxime Droux, Lucas Martínez, and Benjamin Philion, alongside their global team of industry experts, have a clear roadmap to becoming a one-stop-shop for candidates and recruiters. Talent.com is committed to expanding how talent and businesses find, fill, and navigate work.

As global demand for legal entity checks increases, Sumsub is here to help companies verify their business clients, stay compliant and avoid huge fines.

Anti-fraud and verification platform, Sumsub, is launching a KYB solution for fast and effective verification of companies.

Know-your-business (KYB) verification is performed by companies who want to make sure that the businesses they work with are legit and trustworthy. Generally, the KYB procedure consists of checking company documents in global and local registries, verifying the identities of beneficiaries, and performing special anti-money laundering (AML) checks.

KYB checks are increasingly recommended for institutions in the financial industry. This includes those dealing in mobile payments, online banking, crypto marketplaces and crypto services.

On the regulatory front, KYB is now woven into the guidelines of multiple regulators including the European Banking Authority (EBA) and FATF. This means that certain companies can now face penalties if they fail to perform KYB checks.

“Just recently we witnessed several high-profile incidents that revealed fundamental inadequacies in the procedures of onboarding of legal entities. This  problem affected even the giants, such as Credit Suisse. Indeed, the vast majority of obliged entities already use modern technologies and solutions when they onboard individuals; this is the new normal. But when it comes to KYB we still see manual work and mistakes that are absolutely normal for and inherent to the human factor. Some of these mistakes may be innocent but others may open the door to huge money laundering schemes and ruin reputations of transnational financial businesses and even countries.

Some time ago our existing clients identified this risk as a problem and asked us whether we could extend our current ecosystem to include automated onboarding of legal entities as well. And we did it. Now we see that the demand for KYB is growing day after day; international policymakers like EBA are mentioning KYB among the recommended innovative technologies. We are welcoming the global demand to make legal entity checks a really meaningful part of due diligence procedures.” — says Tony Petrov, Sumsub’s Chief Legal Officer.

Most companies do not have enough resources or expertise to handle KYB checks, as they often lack access to consolidated public resources of company information (global and local registries, watchlists, etc). Therefore, KYB processes are usually outsourced to compliance officers who perform them manually—a process that may take up to three working days (or 72 hours per company) to complete due to the difficulty of collecting all of the required info and documentation.  Ultimately, these long wait times turn clients towards competitors.

Sumsub offers a full-cycle KYB solution designed to help companies verify their business counterparties faster and more effectively. The solution consolidates automated KYB checks, beneficiary KYC checks and manual review by certified KYB/AML experts.

Sumsub’s autoKYB check takes only 3 minutes to perform, and full-cycle KYB verification can be performed in as little as 3 hours–which is up to 24 times faster than manual KYB verification. Sumsub has access to data on more than 200 000 000 companies and beneficiaries from registries across 220 countries and territories.

Unlike other digital verification providers, Sumsub offers a customisable widget (WebSDK) for collecting applicant information that can be embedded to a company’s website to reflect corporate identity or branding requirements. This also means that the verification flow—uploading docs, filling questionnaires, collecting beneficiary information—can be adapted according to  specific demands or regulations. Sumsub’s KYB check is also convenient for businesses undergoing the check—as all necessary documents can be uploaded by a single company representative.

In addition, Sumsub’s KYB solution lets customers continuously monitor the status of companies and their beneficiaries in real-time. All of this data is stored and managed in one place, and full reports are prepared for companies to show to regulators.

All in all, Sumsub can be your single contractor for KYB verification. Companies who delegate all their KYB-related procedures to Sumsub are able to reduce operational costs, overall verification time, and increase applicant conversion worldwide.

Currencycloud, the experts simplifying business in a multi-currency world, has today announced it will partner with Moov, a US-based developer platform focused on the payment experience, to improve a range of international and domestic payments capabilities for each other’s customers.  

The partnership will open new capabilities for customers of both companies. Businesses working with Currencycloud will be able to expand in the domestic US payments ecosystem, ensuring a seamless experience for their customers who are building a global business. Moov accepts, stores, and disburses money domestically, while Currencycloud moves money internationally as well as handling currency exchange. Currencycloud and Moov are already collaborating on several joint customer deals. 

Both businesses provide customers with embedded finance solutions – financial technology that can be integrated within a customer’s existing business. This setup is ideal for business-to-business payments or business-to-individuals. For example, a joint customer providing software for contractors can now offer the ability to pay subcontractors within their platform both in the US and internationally. The embedded finance specialists at Currencycloud and Moov help manage and reduce regulatory, compliance and risk burdens, while the customer focuses on their unique business value, providing the end-user with a seamless money movement experience. 

Cara Hayward, Director of Strategic Partnerships, North America at Currencycloud, said of the partnership: “Embedded finance has gained a lot of momentum in the last 12 months, and demand from customers for financial solutions they can integrate into their businesses is accelerating. Moov is a great example of what makes embedded finance so powerful by enabling businesses to accept, store and disburse customers’ money simply and effectively.”   

Wade Arnold, CEO at Moov commented: “Moov is excited about this partnership because both companies were founded on a similar premise: to make moving money easier. We approach the problem from different angles – Currencycloud tackles international payments, and Moov domestic. Together our services complement each other in a way that our customers are going to benefit from immensely.” 

HK Yoon is a Lead Frontend Developer at Lawfully, the US-based company that helps immigrants and lawyers for a borderless and stress-free immigration experience. They have recently integrated with both Moov and Currencycloud and commented: “Partnering up with Moov and Currencycloud has helped us to navigate the complex international remittance procedures. Their support team is top-notch and went above and beyond so that we could succeed. We were able to integrate fast and with relative ease.” 

Developers at platform companies, vertical SaaS solutions, and Fintechs can take advantage of this solution immediately. If you’re Interested in learning more please visit Currencycloud or Moov.  

Powered by Volante’s low-code technology, the ISO 20022 service provides API components based on comprehensive standards libraries, simplifying ISO 20022 adoption for financial institutions

Volante Technologies, the global leader in cloud payments and financial messaging, today announced the launch of the Volante ISO 20022 Service. This value-added service simplifies the complexity of ISO 20022 modernization for any organization involved in the processing of payment messages, from banks and financial institutions to fintechs and payment service providers (PSPs).

Such organizations face significant headwinds in achieving ISO 20022 message compliance, whether for domestic clearing and settlement (TARGET2, CHAPS, Fedwire™, among others) or for cross-border payments (SWIFT CBPR). Many still rely on legacy systems that cannot be updated to ISO 20022 at all, or require major upgrades to accommodate the new standard and its extended data capabilities.

According to Gareth Lodge, Senior Analyst at Celent, “87% of global high value clearings will be ISO 20022 by 2025. This poses acute difficulties for larger financial institutions who operate in multiple countries and regions and must balance a constantly shifting landscape of market infrastructure deadlines with limited IT resources and budgets. Even without legacy constraints, de novo banks and PSPs also face challenges, as they must find ways to differentiate from their established competitors by going beyond compliance to deliver value from ISO 20022.”

The Volante ISO 20022 Service enables financial services developers and architects to address these challenges by easily incorporating value-added ISO 20022 modernization capabilities into their applications. The service, built-on Volante’s proven low-code technology, contains microservices-based APIs for initiation, transformation, and translation of ISO 20022 messages to and from legacy formats.

The APIs can be deployed in an organization’s data center or private cloud, or consumed as a service in Volante’s secure cloud. For all deployment models, Volante offers a free cloud sandbox enabling customers to test the catalog of ready-to-consume APIs before using them in mission-critical production applications, facilitating seamless upgrades as standards evolve.

Organizations adopting the Volante ISO 20022 Service for their compliance and migration programs will enjoy a wide range of benefits. They will be able to extend the life of their legacy systems, protecting their businesses from change. They will also be able to quickly build value-added services based on the extended/rich data features of the standard and accelerate time to market for such services by eliminating hand-coding. Other benefits include improved performance for end-to-end processing, higher straight-through processing (STP), and cost reductions of 60% or more compared to traditional ISO modernization approaches.

Nihit Ahuja, Global Business Head - Platforms, Volante Technologies, said, “At Volante, we are proud of our 20+ year history of delivering financial messaging standards-based, low-code services for application developers. We also have extensive experience working on ISO 20022 modernization programs with leading financial institutions. We are delighted to be making this expertise available to developers everywhere in the form of easily consumable APIs through our ISO 20022 service, on or off the cloud.”

“This is just the beginning,” continued Ahuja. “We are investing heavily in our roadmap, enhancing our low-code platform to enrich this new service and bring new value-added services to the market.”

Learn more about the Volante ISO 20022 Service or create a free account to use the API Sandbox.

ENDS