Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies Sponsored Posts etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites. Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. A very few articles on our website are sponsored posts or paid advertorials. These are marked as sponsored posts at the bottom of each post. For avoidance of any doubts and to make it easier for you to differentiate sponsored or non-sponsored articles or links, you may consider all articles on our site or all links to external websites as sponsored . Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.


Partnering with Volante and Bytes as part of the bank’s payment infrastructure modernization program to support new services and newly mandated instruments including Authenticated Collections in South Africa

NEW YORK, LONDON, DUBAI, MEXICO CITY,Volante Technologies Inc., a global leader in the provision of software for the integration, processing and orchestration of financial messages, data and payments, together with its South African partner Bytes Universal Systems, have been selected by Nedbank to facilitate the transformation of its financial payments message service layer across multiple Nedbank entities.

Bytes Universal Systems will be responsible for the deployment of Volante’sVolPay Foundation, an optimised platform for the development of financial payment message integration, validation and processing. Through the partnership, Volante and Bytes are efficiently addressing key financial messaging challenges impacting the South African market.

VolPay Foundation accelerates many of the required development processes through automatic code and documentation generation and inbuilt testing. The platform also includes validation and conversion logic, predefined functions, mapping tools and pre-built transformations. More than 330 maintained local, regional and global message standards and transformations are included along with automated deployment into multiple environments.

Mark Neethling, General Manager: Financial Services at Bytes Universal Systems, said all South African institutions, from banks to payment service providers and corporates, are required to make major changes to their infrastructure and processes.

“Speed of development and time to market are of the essence and, in Volante’sVolPay Foundation, we have chosen the best-in-class software available for the transformation, validation and processing of financial messages. Coupled with our local expertise and market presence, we have created the best possible combination of software and implementation skills to help Nedbank bring new innovations to market faster, meet the needs of its customers, and realise new commercial opportunities,” said Neethling.

A period of testing is scheduled to commence in March 2016. From September 2016, South African banks will have to cease offering the current non-authenticated early debit orders (NAEDO) and instead offer the new debit order instrument, Authenticated Collections (AC). The new AC debit order instrument uses a combination of the ISO 20022 and ISO 8583 message standards to authenticate, process and report on the lifecycle of each transaction. Each of these transactions will require the definition and maintenance of customer mandates as well as the generation of collection requests and their validation against these mandates.

According to Mick Fennell, General Manager, Middle East & Africa, at Volante, using VolPay Foundation, Nedbank’s own resources can now rapidly create the necessary message transformation and validation between the bank’s external channels and its core payment processes. In addition, Volante supports deployment into both real-time and off-line processing environments, as mandated by the new AC standard.

“The payments world is constantly changing, particularly in the South African market. Not only do banks now have to adapt their systems to comply with the new ISO 20022 standards, but they must also integrate these changes with new digital payment channels and changing customer demands,” Fennell said.

“We are delighted that we could demonstrate to Nedbank that we provide the necessary products to address the AC message development project. In combination with our local partner Bytes, we are proud to have been selected to be part of the bank’s long-term, strategic vision for the transformation of its payments infrastructure,” Fennell added.

According to Glenn Smith, Divisional Executive of Nedbank Group Technology’s Mobile, E-Commerce & Payments Division, the organisation embarked on a strategic programme to transform its payment infrastructure with a view to further enhancing its customer service. The objective is to ensure the highest levels of processing agility and efficiency while accelerating Nedbank’s support for new clearing standards and new digital payment services.

“A key part of this new infrastructure is our Gateway architecture, which addresses the integration needs of all of our customer channels, clearing networks, and internal systems with our core payment processing service. By using the combination of Volante’s technology and Bytes’ expertise, we have every confidence that we will meet our customers’ ongoing demands for new products and services quickly and efficiently, while also remaining compliant with new regulation,” Smith said.