Volante Lands Deal To Modernize Banorte’s Cross-Border Payments Systems

Volante Technologies, which works in cloud payment processing and messaging, has landed a big new client, Grupo Financiero Banorte.

Volante says it will be working with the Mexican bank, one of the world’s largest, to modernize its cross-border payments architecture.

Banorte will connect “all related systems, including channels” to Volante’s VolPay, which will help the bank orchestrate and process cross-border transactions while also “accelerating the bank’s digital strategy,” Volante said in a press release.

In particular, VolPay is a “cloud-native” and “API-ready” system that provides “end-to-end processing of domestic and international payments,” according to Volante.

Volante’s goal, as described by Vijay Oddiraju, co-founder and CEO, is to “help financial institutions by providing modern solutions to simplify the complexity of their operations and accelerate business outcomes, from capital markets to custody to transaction banking.”

Ricardo Velazquez, managing director and head of international banking, trade and international FIs at Banorte, said in a press statement the partnership with Volante will enable the Mexico City-based bank to keep ahead of the competition by rolling out more payment types and more tailored services.

“We’re on an innovation journey and payments are a very important part of this journey,” Velazquez said. “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.”

The deal comes on the heels of a $35 million injection of capital in Volante led by Wavecrest Growth Partners.

It represented the first time Volante received outside investment funding after more than 20 years in business, with the firm planning to use the money to speed up the expansion of its cloud-based payment processing technology.