Providing critical transformation capabilities for complex RTGS implementations on a global scale
Volante Technologies Inc., a global leader in the provision of software for the integration, processing and orchestration of financial messages and payments, today announced 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-HQ and Asia Pacific region-based digital payment solutions and services provider.
Finexus and Volante’s first project in the region is a significant multi-year implementation at a central bank and is part of a larger, global internationalization and modernisation process, to build and maintain Real-time Gross Settlement (RTGS) and Scripless Securities Settlement Systems in the Asia-Pacific region.
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 currently in implementation, is anticipated 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 do business with greater agility without the need for end-users to change their own message standards integration to their internal or source systems.
Using Volante’s core product Volante Designer, Finexus, the central bank and future RTGS customers, 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.
Allan Spalding, Partners Director, Volante Technologies, commented, “Global competitiveness and the need for more efficient and reliable settlement systems we believe will continue to be on-going drivers for central banks throughout the world for some time to come and we wholly commend both Finexus and the bank, for playing their parts, early in this cycle of evolution. 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.”
Joel Choo, Executive Vice President, Finexus, commented, “When selecting our partner to provide key message transformations, we went through a stringent evaluation and were impressed by Volante’s open architecture, independence, as well as their experience with messaging implementation in critical financial infrastructures in both large financial institutions and national infrastructures. 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.”