Benefiting from Volante’s one-stop-shop for PSD2 compliance and Open Banking
15 January 2019 – Volante Technologies Inc., a global provider of software for accelerated end-to-end payments processing and financial message integration, today announced that Bank Leumi (UK) has selected VolPay Open Banking to implement PSD2 compliance and enable open banking business models.
Bank Leumi (UK) is a specialist and relationship bank based in the UK. By choosing Volante’s Open Banking PSD2 solution, the bank is able to rapidly meet its PSD2 regulatory requirements through an easy to implement, out-of-the-box solution. The bank is also well positioned to continue delivering on its core mission of providing reliable customer-focused relationship services, now through new open banking channels.
VolPay Open Banking’s scalable micro services based architecture, enables banks to rapidly integrate their back office servicing applications, including payment engines and core banking account holding systems, with the front end API management layer, that provides the secure managed access to the banks environment via defined APIs. Building upon Volante’s partnership with Token who provides PSD2 compliant APIs, this complete solution will provide the building blocks for Bank Leumi to expand into other value added services, over and above basic compliance, in the global phenomenon of using open APIs for doing business and becoming more competitive against the rising ranks of new Third Party Providers (TPPs).
All VolPay products offer high levels of automation, access to out-of-the-box functionality and inbuilt testing. This dramatically accelerates time to projects completion. For Bank Leumi, this translates to rapid time to compliance with the PSD2 regulation and Open Banking readiness.
Nadish Lad, Global head of Payment Products, Volante Technologies, commented, “Volante’s VolPay Open Banking solution provides out-of-the-box compliance with EU PSD2 regulation and enhanced capability for a rapid implementation within the bank’s environment. The bank not only achieves compliance quickly, it also helps lay the foundation for the bank’s consideration of future revenue generating channels and opportunities. We commend Bank Leumi for their vision of PSD2 compliance as a stepping stone towards playing a wider role in the open API space.”
Dhavarajh Frank, Chief Operating Officer, Bank Leumi (UK), commented, “We looked for a solution that would enable PSD2 compliance quickly without having to make considerable changes to our systems and considered Volante and Token’s PSD2 compliant APIs a perfect one-stop-shop solution to provide this capability. Offering the most compelling propositions to our domestic and international customer base remains a primary focus for the Bank and we believe that Volante’s solution will help us in our overall customer facing capabilities.”
Peter McKenna | Global Marketing Director | firstname.lastname@example.org | +44 (0)7710 497 515
About Bank Leumi
Bank Leumi (UK) is a specialist and relationship bank. For more than a century, we have been promoting economic development by investing in our clients’ businesses. We call this mix of traditional corporate banking and reliable, customer focused “relationship banking”. This is because we make it our mission to build a trusting relationship with our clients and get to know their businesses inside out. This enables us to work in partnership with our customers by providing a bespoke service that specifically addresses their business banking requirements, including both deposit and foreign exchange needs.
We are based in Central London and, through our asset-backed lending unit Leumi ABL, have offices in Brighton, Reading, Birmingham, Manchester and Leeds. We are a British bank that is a wholly-owned subsidiary of Leumi Group, Israel’s largest banking corporation. This means that, as well as having the flexibility to offer our customers tailor-made banking services, we also have the backing of a major international financial institution.
Token is a technology company with headquarters in San Francisco and offices in London and Berlin. Token’s open banking platform helps banks achieve PSD2 compliance quickly and cost-effectively, and generate new revenue streams. It also allows banks and other players in the payments ecosystem, such as merchants and payment processors, to build bank direct payment methods and data aggregation solutions for their customers. The platform raises security, and reduces fraud and disintermediation. Unlike in-house developed solutions, Token supports the same API across all banks.
Token.io Limited is authorised as an AISP and as a PISP by the FCA in the UK and has passporting rights in an additional 20 countries.
Token’s team combines years of highly successful execution and innovation in the technology, banking and security sectors. The Token team comes from top companies like Google, Apple, Microsoft, Barclays, ACI Worldwide, HSBC, Twitter, and Square. Token’s CEO and Founder, Steve Kirsch, has invented several groundbreaking Internet technologies and has had multiple billion dollar exits.
Token is a recognised industry leader named in the Financial Times Future of Fintech Awards shortlist 2017 as one of the top ten companies to watch globally. CB Insights named Token in their 2017 global annual ‘The Fintech 250’ ranking and in 2016 Token was the winner of PlugAndPlay’s 2016 Fintech EXPO, which was contested by more than 1000 applicants from around the world.
About Volante Technologies
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