Volante Technologies Inc., a global provider of software for the integration, processing and orchestration of payments and financial messages, announced on Monday it is collaborating with BNY Mellon on creating and deploying technology to enable real-time payments in the U.S. and internationally. According to Volante, as a part of BNY Mellon’s payments modernization initiative, the bank launched two services leveraging VolPay Hub technology provided by Volante.
“BNY Mellon’s first such initiative was to become the first bank to successfully originate a real-time payment over The Clearing House’s new Real-Time Payments network. It has worked extensively with The Clearing House and other banks to define standards for clearing and settling payments in real-time. BNY Mellon’s second initiative was to launch a new service, called BNY Mellon Tokenized Payments now available with Zelle, which will further accelerate the transition from paper to electronic payments for their clients.”
Volante reported that in support of these initiatives, it has developed its TCH RTP Processor Module in collaboration with BNY Mellon to process real-time payments and to allow a transaction to reach its recipient within 15 seconds or less. Saket Sharma, Chief Information Officer for BNY Mellon Treasury Services, stated:
“We are creating the building blocks for an integrated payments ecosystem both for today’s needs and for the next generation. This approach allowed us to be first to market with RTP and will also serve us well over the long term. Working closely with trusted and innovative fintech providers such as Volante and our own development resources helps us deliver sustainable value quickly.”
Vijay Oddiraju, CEO, Volante Technologies, also commented:
“Our collaboration with BNY Mellon on first-to-industry payments solutions further establishes our payments innovation capability. We are enormously proud to have played such a significant role in the historic moment of US real-time payments. Implementing the first RTP processing hub in the US is the perfect example of collaborative teamwork between BNY Mellon and Volante, bringing greater value to BNY Mellon’s clients.”
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“This successful deployment further reinforces our core principle of using automation to reduce implementation time and cost for our customers. Adding tokenized payments capability to BNY Mellon’s real-time payments technology platform is a further testament to how we continue to collaborate and help our customers build out their future payment capabilities.”