Volante and Finexus Partner to Provide RTGS Systems in Asia Pacific

VolanteTechnologies, a comprehensive provider of software for financial messaging, data and Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, announced today that it has been chosen by Finexus to provide the key MT to MX message transformations in complex multi-currency Real-time Gross Settlement (RTGS) System implementations.

Finexus is a Malaysian-headquartered and Asia Pacific region-based digital payment solutions and services provider and the latest partnership is Finexus and Volante’s first venture in the region.

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Asia Pacific Focus

The project involves a major multi-year implementation at a central bank and is part of a larger, global internationalisation and modernisation process, to build and maintain Real-time Gross Settlement (RTGS) and Scripless Securities Settlement Systems in the Asia-Pacific region.

Volante will assist Finexus in enabling its customers to conduct business with greater agility.

Finexus chose to work with Volante Technologies to provide the critical MT to MX transformations, a key component to any new RTGS infrastructure.

The new system which is currently being implemented has been designed to provide the central bank’s customers with a choice of message formats when accessing settlement services.

Volante will assist Finexus in enabling its customers to conduct business with greater agility without the need for end-users to change their own message standards integration to their internal or source systems.

Allan Spalding, Partners Director, Volante Technologies, commented: “Our expertise lies in easing complex implementation and integration projects. To be chosen by Finexus to provide the critically important MT to MX transformations initially, in such a systemically important project, we believe, is a glowing testament of our capability and reliability. We look forward to working with Joel and the Finexus team on future implementations across the Asia Pacific region.”

Benefits

Using Volante’s core product Volante Designer, Finexus, the central bank and future RTGS customer, will benefit from automatic documentation and access to more than 80 pre-built message maps in compliance with emerging ISO 20022 standards.

Volante Designer will also enable Finexus to maintain their own individual, national standards used as part of the central bank’s settlement service, reducing dependence on third party vendors.

Joel Choo, Executive Vice President, Finexus, added: “The bank with whom we are working, is at the forefront of a global movement in the adoption of message standardisation, and through our partnership with Volante we are able to deliver a modern, sophisticated system that provides customers with more choice, which is increasingly important in this competitive digital age.”

Finance Magnates last reported on Volante Technologies in June after the firm launched a minimal efforts solution for multi-currency settlement in partnership with Ripple Ripple Ripple was co-founded by Jed McCaleb and Chris Larsen and was debuted in 2012 as both a digital disbursement network and a pre-mined digital coin denoted as XRP. Possessing less market cap than both Bitcoin and Ethereum, Ripple ranks as the third-largest cryptocurrency.Its dual open-source and peer-to-peer (P2P) decentralized platform whose network is capable of working with any form of money such as GBP, Ethereum, Yen, etc. What is Ripple Used For? Known as a gateway, participants of Ripple may Ripple was co-founded by Jed McCaleb and Chris Larsen and was debuted in 2012 as both a digital disbursement network and a pre-mined digital coin denoted as XRP. Possessing less market cap than both Bitcoin and Ethereum, Ripple ranks as the third-largest cryptocurrency.Its dual open-source and peer-to-peer (P2P) decentralized platform whose network is capable of working with any form of money such as GBP, Ethereum, Yen, etc. What is Ripple Used For? Known as a gateway, participants of Ripple may Read this Term.