Volante and BNY Mellon team for paytech innovation
Volante Technologies, a provider of software for the integration, processing and orchestration of payments and financial messages, and US-based banking heavyweight BNY Mellon have joined forces to “create and deploy technology to enable real-time payments in the US and internationally”.
As a part of BNY Mellon’s payments modernisation initiative, it launched two services leveraging VolPay Hub technology provided by Volante, the vendor says.
BNY Mellon’s first such initiative was to become the first bank to successfully originate a real-time payment over the new immediate payments network launched by The Clearing House (TCH). The next initiative was to launch a new service available with peer-to-peer payments network Zelle, BNY Mellon Tokenised Payments.
In support of these two projects, Volante and BNY Mellon collaboratively developed the TCH RTP Processor Module to process real-time payments and to allow a transaction to reach its recipient within 15 seconds or less.
“We are creating the building blocks for an integrated payments ecosystem both for today’s needs and for the next generation,” states Saket Sharma, CIO for BNY Mellon Treasury Services.