The digital payments domain is a dynamic and diverse market. It continues to experience significant growth, not only in the number of new processors and disruptive competitors entering the market, but also in the:
While, at the same time, the pressure is on to shift to shorter clearing and settlement cycles. Corporates, banks and other financial institutions are challenged by these issues every day as they must engage with these ever changing market drivers to not only stay competitive but to take advantage of substantial business growth opportunities.
Many firms face internal systems technology constraints that either limit or remove the agility they require to react quickly to these new business opportunities and, importantly, keep-up with new regulation. VolPay Hub addresses these challenges and limitations by speeding up the ability of financial institutions to support new digital payment channels, regulations, and transaction orchestrations potentially requiring new types of processing and thus take advantage of new business opportunities.
VolPay Hub is an application that enables the normalisation of payment streams from any source containing any payment type. It provides a streamlined approach for configuring the required processes. This is achieved via a comprehensive process orchestration definition console which is then used to set business rules, orchestration logic and other parameters, including treatments and preferences for each payment channel and payment type being processed within the hub.
Pre-built, configurable interfaces to key enrichment and verification activities required within the payment lifecycle such as reference data, lexicons, FX, AML, billing, and accounting can be called and utilised at any point in the process. The application also includes a payment hub management console with comprehensive search, audit trail and reporting functions on all payment processing activities.
The hub can be implemented across an extensive range of major established technology stacks for the required database, application server, service bus and operating system including open source options such as JBOSS, Linux, MySQL, Mulesoft, Camel, etc. VolPay Hub is aimed at organisations where a digital payment hub solution is the key requirement.
This could be a small to medium sized organization seeking to leapfrog their competition through improving their time to market and processing flexibility, or a large organisation with an existing payment system infrastructure who need an additional hub to deal with new specialist digital payment processing requirements with increased flexibility and speed. VolPay Hub is being implemented at two banks, one in North America and another in Latin America.
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