The new VolPay Foundation platform has a suite of modular tools designed for banks and corporates implementing payment systems, which helps them deal with specific challenges in message and data integration.
Designed to ease the challenges of payment integration as well as payment processing projects, the new platform will address integration issues facing the digital payments age, in specific.
By condensing each step of the development and deployment process for payment message definition, validation, orchestration as well as transformation, the platform will be able to reduce the development lifecycle for integration projects, the company said.
The platform has been developed to address payment integration issues and comes with various functional components which include graphical model-based automated code generation, validation and conversion logic.
Other components include mapping tools, proprietary format definition, industry standard payments plug-ins, a payments canonical model and the ability to design a payment integration code.
The platform will also support a growing number of clearing and settlement mechanisms (CSM) with its pre-built and maintained payment message standards and pre-built conversions.
Volante Technologies chief executive officer Vijay Oddiraju said: "Banks and corporates need to keep up with new payment sources, participants and systems, yet must adhere to increased compliance requirements while meeting customers’ demands for greater transparency within their payment processing systems.
"Whether financial institutions choose to incrementally enhance current systems or introduce separate payment services, the complexity cannot be underestimated."
