CHENNAI: Global financial technology provider Volante Technologies plans to ramp up its research and development (R&D) operations in Chennai. The New Jersey headquartered fintech, founded by members of the Indian diaspora, counts Goldman Sachs and other top eight US banks as its customers for bank-to-bank payment interface. It provides payment solutions for small banks and fintechs as well.
Volante’s R&D in the city focuses on improving low code- no code, cloud-based platforms in a cost-efficient manner. With the adoption of ISO 20022 standardisation for international payments, the company sees a huge potential for payment services technology and real-time payment. It also bets big on the digitalization of legacy systems in Western banks.
The R & D team works on a tech stack of no-sequence databases, streaming, and containers. It also focuses on Web3-based payment solutions and has partnered with crypto vendors and blockchain players. It is also working with some of the Central Bank Digital Currencies.
The company has over 75% or 900 of its workforce in India, spread across Chennai, Pune and Hyderabad and plans to add more headcount in research in the coming days. With the industry moving towards real-time payments and ISO standardisation, we’re well positioned to enable the banks to move towards modernisation, Chief Quality Officer and Head of India Operations Girisha Neerje told this newspaper.
Backed by Citi Ventures, part of Citi Group, Wells Fargo, and Visa among others, it saw a huge uptick in demand since the pandemic. Volante grew about 50-60% each year since 2019 as the pandemic accelerated instant payment demand, Vijay Oddiraju, CEO of Volante Technologies, told this newspaper.
“The pandemic didn’t affect us, a lot of banks looked at modernising much faster during the pandemic. The pandemic helped the banks to think of modern technology and offerings. Instant payment has become very popular,” he added.
Payment solutions provided by Volante
The New Jersey headquartered fintech, founded by members of the Indian diaspora, counts Goldman Sachs and other top eight US banks as its customers for bank-to-bank payment interface. It provides payment solutions for small banks and fintechs as well