NEW YORK and LONDON and DUBAI, United Arab Emirates and MEXICO CITY, March 16, 2020 /PRNewswire/ -- Volante Technologies, a global provider of payments and financial messaging solutions to accelerate digital transformation, today announced immediate support for SWIFT Standards Release 2020 MT messages.
The final specification of this release was made available by SWIFT on March 13, 2020. Volante implemented the updated SWIFT messages releasing them today, less than three days after the release. These messages will be live on the SWIFT network on November 22, 2020 giving users of Volante Designer and the SWIFT plug-in for SR 2020 more than eight months to enhance their SWIFT applications and test them before the go-live date.
Validators for the new SWIFT SR 2020 MT messages are also available as Amazon Machine Images (AMIs) on the AWS Marketplace. Users can validate implementation of these messages using these AMIs, ensuring 100% compliance with the new standards.
SWIFT is migrating from the legacy MT payments and cash management message standards to ISO 20022, which starts in November 2021 with the Cross-Border Payments and Reporting Plus (CBPR+) working group having defined the message and usage guidelines for cross border payments. Volante supports these new messages as well as the translations between the MT and ISO 20022 messages. Volante's ISO 20022 solutions can be used to ease migration to the new standard whilst MT and ISO messages co-exist.
David Bannister, Senior Analyst, Aite Group, commented, "The benefits of using ISO 20022 messages include richer data, which in turn increases transparency, improves sanctions and compliance screening, and helps reduce errors in processing. Major market infrastructures worldwide are migrating to ISO 20022, one of the largest being the T2 and Euro1 Big Bang migrations in November 2021. Supporting the latest message standards and being able to send and receive ISO 20022 messages is therefore a key requirement for financial institutions of all sizes."
Venkat Malla, VP, Product Management, Volante Technologies, said, "At the heart of our ability to deliver upon the immediate business benefits of SWIFT standards support and ISO 20022 lies Volante Designer, which is capable of handling the most complex data integration and management challenges. Indeed, Designer is our heritage product which for more than nineteen years has helped some of the world's largest banks, market infrastructures, exchanges, clearing houses, corporate treasuries, and card networks benefit from accelerated implementation and greater automation."
About Volante Technologies
Volante Technologies is a global provider of technology and software as a service to accelerate digital transformation and modernization in financial services. Our clients include the world's largest banks, market infrastructures, exchanges, clearing houses, corporate treasuries, and card networks.
Volante's ecosystem of business services simplifies and automates complex systems and processes in payments, capital markets, and financial message integration. As a result, our clients are able to stay ahead of emerging market trends, become more competitive, deliver superior customer experiences, and grow their businesses through innovation.
Founded in Silicon Valley in 2001, Volante today serves as a trusted, strategic business partner to over 90 financial institutions in 35 countries.
For further information please visit: www.volantetech.com
SOURCE Volante Technologies