Saturday, June 15, 2024

Volante Technologies’ strategic partners forecast CBDCs to lead the payments industry

Volante Technologies, the leading global provider of cloud payments and financial messaging solutions to accelerate digital transformation, has released a partner-authored paper featuring insights into the banking sector and projections for innovation-driven growth.

The report, the first in an annual series, incorporates contributions from fifteen global software integrators, vendors, and consultancies. It highlights industry trends such as central bank digital currencies (CBDCs), distributed ledgers, real-time payments, and investment in AI and machine learning.

According to Volante’s strategic partners, CBDCs will dominate the payments sector within the next few years, prompting banks to adopt distributed ledger technology-aware payment solutions. Additionally, banks are expected to adopt a data-driven approach to improve customer insight and develop better products, leveraging AI and machine learning enabled by cloud and Payments as a Service (PaaS).

Volante’s partners also emphasized the importance of innovation and technologies that accelerate the modernization of banking infrastructure, particularly in payments. Approximately 90% of the data received by banks today and 75% of ISO 20022 commercialization use cases are related to customer payment data. The report also examines the global move towards the ISO 20022 standard in payments, highlighting how banks can exploit the richer data to differentiate themselves in the market.

“This report showcases our belief that a global partner ecosystem harnesses the power of collective wisdom and best ideas, enabling financial businesses to achieve new levels of success and business impact. The contributors of this report alone represent over 350 years of experience,” said Jim Chow, VP Partnerships, Volante Technologies.

The paper draws on the contributions of partners from the US, Europe, and the Middle East, including Accenture, AWS, Capgemini, Cornerstone Advisors, Delta Capita, HCLTech, KPMG, Mambu, MDSL, Microsoft, Persistent Systems, PwC, Q2, Red Hat, and Salesforce.

“At Volante Technologies, we recognize that our ecosystem partners play a vital role in driving the transformation of banking infrastructure, especially in payments. We work closely with our partners across the globe to bring the best of our combined solutions and value propositions to our mutual customers,” said Vijay Oddiraju, CEO, Volante Technologies.

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