- Grupo Financiero Banorte is using Volante's VolPay system to enhance the bank’s cross-border payments architecture”
- Clients will be able to place foreign exchange transactions online without the need for a broker, and they will also be able to enjoy enhanced anti-fraud defence mechanisms.
- Grupo Financiero Banorte has previously been named Mexico’s best bank, and a senior figure at the firm hinted that a move towards blockchain might be coming in the future.
World-leading payments solutions firm Volante is set to work alongside Grupo Financiero Banorte as part of a new push to freshen up the bank’s payments systems.
Grupo Financiero Banorte’s payment services will now integrate with the VolPay service on offer from Volante.
This will enable better international money transfer services in the bank’s target market, Mexico.
This will in turn improve the international money transfers strategy for the bank.
It will, for example, see its compliance processes enhanced, allowing the bank to meet its regulatory obligations more easily.
In addition, it will enjoy an improved anti-fraud defence system.
A boost to its straight-through processing capacity, meanwhile, will ensure that clients receive a better payments experience.
Customers will be able to make foreign exchange transactions through the web without having to use a broker.
Banorte’s customers will be able to use what has been described as a “self-service” approach, and this will allow them to enjoy a more autonomous and faster payments experience.
Statements from senior figures at both organisations shed more light on the reasons for the partnership.
Ricardo Velazquez, who is the managing director and head of international banking at Grupo Financiero Banorte, explained that the development was part of a change in approach for the firm.
“We’re on an innovation journey and payments are a very important part of this journey,” he said.
He also pointed out that the pairing with Volante would mean that both commercial and individual clients would reap benefits.
“With Volante, every day is an opportunity to make the daily life of our retail and corporate clients more convenient,” he said.
“We will be adding more payment types and releasing more tailored services faster than our competitors,” he promised.
He also hinted that the company might make a move towards blockchain in the coming years, and that it would also consider other models – such as the “banking as a platform” approach.
“We will also be able to take advantage of initiatives such as banking as a platform, cloud modernization, and distributed ledger technology,” he said.
A spokesperson for Volante added that the firm was “proud to collaborate with Banorte”.
Grupo Financiero Banorte has previously been named Mexico’s best bank.
It has also been rated as one of the best 20 banks on Earth.
It is currently undergoing a process of enhanced digitalisation, and is taking a cloud-native approach.
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