Volante Technologies, a global Payments as a Service (PaaS) leader, has successfully transitioned all banking customers to the ISO 20022 messaging format for the Fedwire Funds Service. These customers, varying from a few billion to multiple trillion-dollar financial institutions, are now using the new standard.
Designed by the International Organization for Standardization, the ISO 20022 messaging format is a universal financial industry message scheme. It ensures reliable and standardized communication between financial institutions. This transition marks a significant step in the fintech sector.
Volante’s strategic move to ISO 20022 aims to enhance the speed, efficiency, and accuracy of financial transactions. Additionally, this transition paves the way for banks to offer new services and improved financial products. The new format is set to support payment systems’ evolution and stimulate innovation in the sector.
Volante Technologies Processing $1.4 Trillion in Daily Transactions
Following the transition, Volante Technologies has begun processing an impressive $1.4 trillion in daily Fedwire transactions. This significant increase in transaction volume highlights Volante’s pivotal role in the global fintech industry.
Volante’s influence on the financial services sector extends beyond daily transaction volume. Adopting the ISO 20022 messaging format enhances global payment systems’ interoperability, fostering growth and development in the fintech industry. Volante’s role in this transition demonstrates its commitment to advancing the future of payments.
In a rapidly evolving sector, Volante Technologies leads the way in adopting and implementing new standards. Their success in transitioning all banking customers to ISO 20022 attests to their ability to stay ahead of the curve and meet the financial services industry’s changing needs.
High asset financial institutions transitioning to ISO 20022 marks a significant development for the fintech sector. Volante Technologies’ role in facilitating this transition highlights its position as a key player in the global fintech industry.
