African giant Standard Bank is transitioning its payments infrastructure to Volante’s cloud Payments-as-a-Service (PaaS), boosting the adoption of ISO 20022 standards across the continent.
The partnership is already operational in South Africa, utilizing Volante’s PaaS and Embedded Preprocessing to enhance the existing infrastructure by centralizing multiple payment formats and standards into a single system. This integration streamlines the bank’s domestic and cross-border real-time, high-value, and bulk payments, reducing complexity, improving efficiency, and enhancing the customer experience for Standard Bank’s corporate and investment banking clients.
Furthermore, by implementing Volante’s platform, Standard Bank is accelerating its shift to ISO 20022 standards. The technology will also be rolled out across 18 additional African countries, seamlessly integrating with the bank’s legacy systems and managing over 50 clearing and settlement systems.
Bessy Mahopo, CIO for CIB transformation programs at Standard Bank, expressed enthusiasm for the collaboration, stating, “Volante’s PaaS technology is a perfect complement to our needs, and their shared values and dedication permeate their entire organization, not just at the leadership level. Together, we are transforming the payments landscape while empowering communities and fostering growth across Africa.”