NEW YORK, LONDON, DUBAI and MEXICO CITY, June 10, 2021 /PRNewswire/ -- Volante Technologies, the global leader in cloud payments and financial messaging, today announced it has won the 2021 MEA Finance Banking Technology Award for 'Most Innovative Payment Solutions Provider'.
The MEA Finance Banking Technology awards aim to benchmark and promote excellence and performance in banking and financial technology. In 2021 there has been a particular focus on the recognition of institutions that have benefited their clients by innovating throughout challenging economic conditions and the resulting restrictions of the pandemic.
The Middle Eastern banking sector is experiencing a renaissance with open banking, expanded cross-border payment choices, instant payments, and the move from a cash economy to a digital one presenting both opportunities and challenges. Moreover, the pandemic has accelerated the pressure for banks to digitalize and provide value-added services to meet customer expectations and open up new revenue streams.
As payments are the heart of any digitalization strategy, these trends have created an urgent need for payments modernization. Volante's cloud-native payments solutions give financial institutions the freedom to evolve past the limitations of legacy technology, enabling them to respond faster to change, and to deliver the benefits of modern payments capabilities to their customers.
Vijay Oddiraju, CEO of Volante Technologies, said, "Middle Eastern banks remain focused on their transformation agendas and are revisiting their business models to ensure they can modernize in an efficient and cost-effective way. We work as trusted partners to banks in the region to help them accelerate their modernization journeys, whether they are looking to enable instant payments, migrate to ISO 20022, or provide customers with new cross-border payments services."
Kenneth Mitchen, Executive Director and Publisher, MEA Finance, added, "Volante's focus on real time payments and cloud-native solutions to simplify and automate complex processes in payments and financial messaging was one of the key differentiating factors behind the award win, combined with the firm's customer-centric approach. Volante processed the first end-to-end instant payment in the Kingdom of Saudi Arabia, evidencing their track record in innovation in the region."