Afirme and Volante in payment infrastructure modernisation move

• Volante Technologies has said that it will be working with Banca Afirme SA, which is a subsidiary of Afirme Grupo Financiero.
• The new move comes against the backdrop of the ISO 20022 standardisation process.
• “With Volante we have successfully automated all of our SWIFT processing. We also expect to be able to smoothly handle increases in transaction volume by an average of 20 percent annually,” said a senior figure at the company.

Volante Technologies, a leading provider of international money transfer options and financial messaging services, has confirmed a new partnership with a bank.

The firm said that it will be working with Banca Afirme SA, which is a subsidiary of Afirme Grupo Financiero.

Through the move, Volante will help modernise Banca Afirme’s payment infrastructure by automating processing for SWIFT cross-border transactions.

The partnership comes as the bank prepares for the ISO20022 messaging standard, which aims to create uniform cross-border messaging for financial institutions worldwide.

It also comes against the backdrop of a sharp rise in international money transfer volumes in Mexico.

It is thought that they could be rising more than double the speed of the global average.

Through the partnership, Afirme will eventually aim to launch new value-added services based on ISO 20022, as well as offer next-generation cross-border payments through SWIFT gpi. 

“As we seek to enhance our customers’ experience and grow domestically and internationally, payments modernization is a top priority for us,” said the director for the Comptroller’s Office for Money Markets at Afirme, Raúl Arzate Ortiz.

“Fully automating and accelerating cross-border payment processing with Volante is an important first step forward.

“Volante has helped us reduce SWIFT processing time from hours to seconds, so that our customers can receive international funds within a near-immediate settlement instance, even as the volume of requests continues to grow,” he explained.

“With Volante we have successfully automated all of our SWIFT processing. We also expect to be able to smoothly handle increases in transaction volume by an average of 20 percent annually.

“More so, we will be able to offer our customers a wider variety of international payment types and a data-rich experience as we prepare for ISO 20222 readiness – all with one solution,” he said.

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