Volante Technologies, the Payments as a Service (PaaS) pioneer, announces a strategic relationship with Standard Bank (JO:SBKJ) to modernize payment infrastructure across the African continent.
This is one of the most ambitious PaaS payment arrangements in history, with no other payment providers serving as many countries for a single customer on their PaaS cloud.
The groundbreaking alliance, now operational in South Africa, uses Volante’s Payments as a Service (PaaS) and Embedded Preprocessing, which work with existing infrastructure to centralize different payment forms and standards into a consolidated system. This allows the bank to take a significant step ahead in fulfilling its long-term transformation objective.
These technologies simplify the bank’s domestic and international real-time, high-value, and bulk payments, decreasing complexity, increasing efficiency, and improving the customer experience for Standard Bank‘s Corporate and Investment Banking clients.
William Kent, Executive Business Head at Standard Bank, highlighted that this initiative, which will soon expand across 18 additional African countries, seamlessly integrates with the bank’s existing legacy systems, managing over 50 clearing and settlement systems and ensuring both operational continuity and scalability.
“Our collaboration with Volante goes beyond much more than just a working partnership; it represents a pivotal moment in our evolution, built on trust and cultural alignment,” said Bessy Mahopo, CIO for CIB transformation programs at Standard Bank. “Volante distinguished itself by passing our rigorous vetting process and stood out for its transparency and unwavering spirit of partnership. Their 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 payment landscape while empowering communities and fostering growth across Africa.”
Volante Technologies’ Payment Modernisation: The Big Survey 2024 identified four major pain points for banking clients: the efficiency and speed of cross-border payments, the cost of payment processing, real-time or intraday liquidity management, and seamless integration with bank systems via APIs. Standard Bank’s shift to Volante’s PaaS and Embedded Preprocessing solution directly addresses these challenges, improving overall client experience and operational performance.
“We are proud to partner with Standard Bank and support its ambitious payment modernization goals,” said Deepak Gupta, EVP Product, Engineering & Services at Volante Technologies. “Our PaaS solution is an ideal fit for the bank’s needs, enabling rapid time-to-market, lowering costs, and fostering innovation. We look forward to working closely with Standard Bank as it continues to expand across the continent, bringing the strength and depth of our technology roadmap to both the bank and its customers. Together, we aim to deliver a superior experience for corporate Treasury customers, ensuring they can operate more efficiently in an ever-evolving financial landscape.”
The post Modernizing Africa’s Payment Infrastructure with PaaS first appeared on IT News Africa | Business Technology, Telecoms and Startup News.