Standard Bank partners with Volante Technologies to transform payments modernisation across Africa.

Volante Technologies, global Payments as a Service (PaaS) provider, today announced a strategic agreement with Standard Bank, Africa's largest bank by assets, to modernise payment infrastructure across the continent.

According to Volante, this is one of the 'most ambitious PaaS payment deals' ever negotiated, with no other payment providers servicing as many countries for a single customer in their PaaS cloud.

It said the landmark alliance, which is now operational in South Africa, makes use of Volante's PaaS and Embedded Preprocessing, which work with existing infrastructure to centralise multiple payment formats and standards into a consolidated system.

Volante said this enables the bank to take a big step forward towards achieving its broader, long-term transformation strategy.

It explained: “These solutions streamline the bank’s domestic and cross border real-time, high-value, and bulk payments, reducing complexity, enhancing efficiency and improving the customer experience for Standard Bank’s Corporate and Investment Banking clients.”

In addition, adopting Volante’s platform accelerates Standard Bank’s transition to ISO 20022 standards, benefiting the bank and its clients, the company said.

William Kent, executive business head at Standard Bank, stated that this initiative, which will soon be expanded to 18 additional African countries, seamlessly integrates with the bank's existing legacy systems, managing over 50 clearing and settlement systems while ensuring operational continuity and scalability.

“Our collaboration with Volante goes beyond much more than just a working partnership; it represents a pivotal moment in our evolution, built on trust and cultural alignment," said Bessy Mahopo, CIO for CIB transformation programmes at Standard Bank.

Mahopo added: "Volante distinguished itself by passing our rigorous vetting process and stood out for its transparency and unwavering spirit of partnership. Their PaaS technology is a perfect complement to our needs, and their shared values and dedication permeate their entire organisation, not just at the leadership level. Together, we are transforming the payments landscape while empowering communities and fostering growth across Africa."

Volante Technologies’ Payment Modernisation: The Big Survey 2024 identified four major pain points for banking clients: the efficiency and speed of cross-border payments, the cost of payment processing, real-time or intraday liquidity management, and seamless integration with bank systems via application programming interfaces.

Standard Bank’s shift to Volante’s PaaS and Embedded Preprocessing solution directly addresses these challenges, improving overall client experience and operational performance, according to the company.

Deepak Gupta, EVP product, engineering and services at Volante Technologies, commented: "We look forward to working closely with Standard Bank as it continues to expand across the continent, bringing the strength and depth of our technology roadmap to both the bank and its customers.

“Together, we aim to deliver a superior experience for corporate treasury customers, ensuring they can operate more efficiently in an ever-evolving financial landscape."