Volante Technologies Inc., a leading provider of payments and financial messaging solutions in the cloud, today announced that Grupo Financiero Banorte is partnering with Volante to modernize the bank’s cross-border payment architecture. Going forward all related systems, including channels, will connect to Volante’s VolPay to orchestrate and process cross-border transactions, thereby accelerating the bank’s digital strategy and transforming the experience of Banorte’s customers.
Mexican banks have a strong desire to innovate and differentiate, and are looking to work with leading providers that can help them move in that direction. Cross-border payments are an area where banks, technology providers, and fintech firms can effectively collaborate to increase industry-wide innovation and broaden the range of business and retail services.
For Banorte, rated as the best bank in Mexico and listed in the top 20 best banks in the world by Lafferty Group, payments modernization is fundamental to its digitalization journey. By unifying all its processes into one cloud-native, microservices-based platform with Volante, the bank will make material strides in its quest to delight its customers with fast, resilient, and safe financial services.
Among other benefits, it will be easier to manage compliance, identify fraud, and increase straight-through processing (STP). Banorte will also be able to deliver new products to market faster and offer a greater variety of services across multiple or alternative payment rails. Customers will be able to make payments with greater ease and security through digital self-service capabilities, for example transacting FX online without a broker.
Ricardo Velazquez, Managing Director and Head of International Banking, Trade and International FIs at Banorte, said, “We’re on an innovation journey and payments are a very important part of this journey. With Volante, every day is an opportunity to make the daily life of our retail and corporate clients more convenient. We will be adding more payment types and releasing more tailored services faster than our competitors. We will also be able to take advantage of initiatives such as banking as a platform, cloud modernization, and distributed ledger technology.”
“Ultimately, Banorte will be able to lay the foundation for a modern ecosystem to spur financial inclusion and digital transformation,” said Luis Melgarejo, VP, Latin America Operations, Volante Technologies.
“In our constant pursuit to help our clients expand their customer base, navigate change and innovate, we’re proud to collaborate with Banorte,” he continued. “Sending payments should be fast, easy and cost-effective. Our goal is to ensure that Banorte continues to be positioned for success in this rapidly evolving market.”