Volante Technologies Inc., the FinTech software company, announced Wednesday (Sept. 23) it is collaborating with Goldman Sachs Bank USA to provide the payments platform for the bank’s digital transaction service.
Built from scratch in the cloud, the Goldman Sachs Transaction Banking Platform was crafted to provide secure and easy access for corporate clients, Volante said. In addition to payments, the application programming interface (API)-enabled platform includes analytics, liquidity management, virtual accounts and payments.
It also features VolPay, the processer of domestic and international payments.
“In launching digital transaction banking for our customers, we needed both cutting-edge functionality and the agility to meet ambitious targets,” said Luc Teboul, a Goldman Sachs managing director, in a statement. “Volante met our top criteria for an ideal collaborator, modern cloud-native technology, deep payments and transaction banking expertise, and the ability and flexibility to deliver against aggressive deadlines.”
Uday Thakur, Volante’s chief technology officer, said it’s a two-way street.
“Our payments solutions and know-how have enabled Goldman Sachs to rapidly launch a superior cloud transaction banking service, while they worked closely with us in the certification process with US domestic and cross-border payment networks,” he said in a statement.
Founded in Silicon Valley in 2001, Volante serves more than 90 financial institutions in 35 countries.
This week, Volante Founder and CEO Vijay Oddiraju told PYMNTS that by 2025, data centers at financial institutions (FIs) will be just a memory.
“The digital transformation of FIs, and payments, cannot be separated, because most interactions with financial institutions ... end up in payments,” he said.
The modernization roadmap for FIs has changed since Volante’s inception nearly 20 years ago, Oddiraju said. The movement of money between trading partners has been marked by a journey from paper or batch processes to real-time eCommerce, he said.
“When you talk about digital transformation, you can use any buzzwords you want, but essentially it’s about improving efficiency,” he said.
Efficiency in the financial services sector is all about automation from payments to straight-through processing of other financial messages, he added.
“Together, we can get a lot more done and address challenges more effectively this way,” he said. “Partners like Volante can help banks compete head-to-head with FinTechs and challenger banks, not to mention Apple, Google and other tech firms branching into banking.”
In August, Volante announced a $35 million growth equity funding round led by Wavecrest Growth Partners. The round was also financed by BNY Mellon, Citi Ventures, PostePay and Visa Inc.
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