Volante Technologies supports SWIFT Standards Release 201
Immediate support ensures Volante clients can avoid the non-compliance challenges of mandated standards change in cross border payments and trade finance
New York, NY, Feb. 26, 2018 (GLOBE NEWSWIRE) — NEW YORK, LONDON, DUBAI, MEXICO CITY, 26 February 2018 – Volante Technologies Inc., a global provider of software for the integration, processing and orchestration of payments and financial messages, today announced support for the latest SWIFT Standards Release 2018. The implementation of the new standards has been thoroughly tested by Volante and is available immediately for clients.
On February 23, 2018, SWIFT issued its latest standards release which includes a number of significant changes to SWIFT messages used in payments, trade finance and securities. Notably, SWIFT 2018 mandates that payment messages must now implement the Unique End-to-end Transaction Reference (UETR), regardless of whether they are members of SWIFT gpi.
There have also been further major updates to other message categories, the most significant of which will affect every user of the MT7nn category messages with major changes to existing messages and the introduction of three new messages relating to Documentary Credits. These are the biggest changes introduced in trade finance in over a decade and represent the first wave of changes which will be completed in 2019. Additional updates have also been made to the treasury and decurities categories to support MiFID II related rules on transparency of fees. Furthermore, use of SWIFTRef BIC Plus is now mandatory, as support for the old BIC Directory has been dropped.
Volante’s technology has been enabling clients to adopt every major SWIFT migration over the past 15 years by leveraging in-built tools that help insulate core systems from the complexity of ever-changing standards. Volante’s products include access to a growing library of hundreds of international and domestic standards plug-ins and transformations which are constantly updated as changes occur within the industry.
Venkat Malla, VP, Product Management, Volante Technologies, commented, “Volante is dedicated to helping firms overcome integration and messaging challenges in the complex world of changing message standards in payments and other business domains. We continuously track and implement changes to standards so that clients can remain focused on their business rather than being unnecessarily distracted by the challenges of support and implementation of new messages and standards.”
Malla, continued, “We take great pride in the fact that we can provide support for SWIFT 2018 within a matter of days. The speed with which we can react to new standards means that we give our clients ample time to adopt and test standards within their own environments, so they can minimize the impact on originating and receiving systems and avoid rejected messages.”
Founded in 2001, Volante Technologies is a global leader in the provision of software for the integration, processing and orchestration of payments and financial messages within financial institutions and corporate enterprises. Volante is dedicated to helping firms increase their business agility so they can focus on being competitive in their marketplace. Product features such as configuration rather than coding, automated code and documentation generation and inbuilt test harnesses promise significantly accelerated project completions.
Volante serves a growing client base of more than 85 financial institutions and corporate enterprises operating in 27 countries around the world, including several of the largest global organizations. Many clients use Volante to assist with multiple product implementations ranging from message transformation and integration, through to the processing and orchestration of payments. Along with its products, Volante Designer and the VolPay Suite of payments processing products, Volante maintains a growing library of hundreds of domestic and international financial industry standards plugins, transformations and processor modules. Volante’s VolPay Suite of payment products can be licensed and deployed on premise or on the cloud. Should clients choose to subscribe to any of the VolPay Suite applications as ‘Payments as a Service’ on the cloud, Volante also offers this option.
Supported by offices in Jersey City, London, Dubai, Mexico City, Bogota, Hyderabad, Chennai and Pune, Volante is able to encapsulate a best practice approach into all its product lines.
For further information please visit: www.volantetech.com
CONTACT: On behalf of Volante Technologies: Tinne Teugels [email protected] Tel: +16465205548