In a ground breaking move for African banking, Standard Bank, the continent’s largest bank by assets, has announced a partnership with Volante Technologies to advance payment modernisation across Africa.
This ambitious project marks one of the largest Payments as a Service (PaaS) initiatives in history, covering 18 countries beyond the already live operations in South Africa.
The collaboration leverages Volante’s PaaS and Embedded Preprocessing technology to enhance the bank’s payment infrastructure.
This platform integrates with Standard Bank’s existing systems, allowing it to centralise and streamline domestic and cross-border payments, from high-value to real-time transactions.
A central aspect of this partnership is accelerating the adoption of ISO 20022 standards, a global messaging protocol that enhances efficiency, transparency, and interoperability in financial transactions.
William Kent, Standard Bank’s Executive Business Head, emphasised the scalability and continuity Volante’s platform offers across the bank’s expansive African network, which includes managing over 50 clearing and settlement systems.
The PaaS solution, an advanced cloud-based approach to payments, is expected to elevate the customer experience for the bank’s Corporate and Investment Banking (CIB) clients.
By simplifying payment processing and integrating multiple formats and standards into one system, it aims to provide faster and more secure transactions for its clients, which include major corporate and institutional players across Africa.
Bessy Mahopo, Chief Information Officer of CIB transformation programs at Standard Bank, noted the partnership’s alignment with the bank’s broader strategic objectives.
She highlighted Volante’s commitment to collaboration and cultural synergy, which stood out during Standard Bank’s rigorous selection process.
The partnership, in our opinion, not only strengthens Standard Bank’s payment modernisation efforts but also sets a new benchmark for banking infrastructure across Africa.
By enabling scalable, and efficient payment solutions, Standard Bank is positioning African markets at the forefront of global financial innovation.
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