Standard Bank, Africa’s largest bank by assets, has partnered with Volante Technologies, a global leader in Payments as a Service (PaaS), to modernise its payment infrastructure across the continent. This agreement represents one of the most ambitious PaaS deals in history, aiming to transform payment processing and enhance the customer experience for Standard Bank’s clients.
The collaboration, already operational in South Africa, will soon expand to 18 other African countries. By leveraging Volante’s PaaS and Embedded Preprocessing solutions, Standard Bank aims to streamline its payment operations, reduce complexity, and improve efficiency for both domestic and cross-border transactions.
“Our collaboration with Volante goes beyond much more than just a working partnership; it represents a pivotal moment in our evolution, built on trust and cultural alignment,” said Bessy Mahopo, CIO for CIB transformation programs at Standard Bank.
This initiative directly addresses key challenges faced by banking clients, as identified in Volante Technologies’ “Payment Modernisation: The Big Survey 2024.” These challenges include the speed and efficiency of cross-border payments, the cost of payment processing, real-time liquidity management, and seamless integration with bank systems.
By adopting Volante’s platform, Standard Bank can enhance its capabilities in these areas, providing a superior experience for its corporate and investment banking clients. The partnership also accelerates Standard Bank’s transition to ISO 20022 standards, a global standard for electronic data interchange between financial institutions.
The collaboration between Standard Bank and Volante Technologies is more than just a technological upgrade; it represents a strategic alliance to drive innovation and growth in the African payments landscape.
“We are proud to partner with Standard Bank and support its ambitious payment modernization goals,” said Deepak Gupta, EVP Product, Engineering & Services at Volante Technologies. “Our PaaS solution is an ideal fit for the bank’s needs, enabling rapid time-to-market, lowering costs, and fostering innovation.”
This partnership is expected to have a significant impact on the African financial sector, enhancing efficiency, reducing costs, and improving the customer experience for businesses and individuals across the continent. By modernising its payment infrastructure, Standard Bank is positioning itself as a leader in the digital transformation of African finance.
