Starts payments modernization journey with Payments as a Service (PaaS) provider as part of ambitious digital transformation plan
NEW YORK, May 18, 2022 /PRNewswire/ -- Volante Technologies, the global leader in cloud payments and financial messaging, is collaborating with Banco del Bajío (BMV: BBAJIOO) on its payments modernization initiatives. As an integral part of the bank's broader digital transformation program, BanBajío and Volante will deliver an outstanding payments user experience for the bank's customers, creating intuitive digital experiences for everyday banking demands.
BanBajío is one of the largest banks in Mexico and the fastest growing local bank in the country. It offers a wide variety of financial products and services to consumers, small and medium-sized enterprises, corporations and government agencies. Digital transformation is a high priority in its 2025 strategic plan.
To achieve this ambitious plan, BanBajío has developed proprietary solutions and partnered with leading technology companies to offer the best experience to its customers. The outcome: as of February 2022, the number of monthly active users of its digital channels increased by 51 percent year-on-year; and the volume of transactions processed through its digital channels grew by 33 percent year-to-date, significantly higher than the global average of 10 percent.
The bank was able to attain this goal by deploying Volante's powerful payments processing services, enabling it to offer customers easier and faster bulk payment options. Using the PaaS provider's APIs, the bank was able to orchestrate and process an increasing number of payments more efficiently, resulting in a 10x improvement in processing speed. Portal services such as digital payroll or bulk transfer are now processed quickly and securely – regardless of the size of the data.
"We selected Volante because of their ability to help us adapt to the major challenges of payments modernization. This means that we will be able to attract more customers, who require a greater variety and quantity of transactions, through innovation," said Roberto Hernandez de Hita, Chief Transformation Officer of Banco del Bajio.
"Next, we are planning to incorporate more mass payment services and will definitely consider involving Volante," he continued.
"The rapid rise of online and digital payments in ecommerce is driving the increase in volume and demand for real-time customer experiences," said Deepak Gupta, Global Head, Payments as a Service, Volante Technologies. "Customers now expect that their bank offers the same experience as social media. By enabling our customers to modernize their payments services, we can help them evolve past their legacy limitations and compete with the new fintechs of this world."
"We look forward to strengthening our relationship with BanBajío as they continue their payments modernization journey," he continued.
For more information on how Volante is helping banks in Latin America, visit https://www.volantetech.com/solutions-for-financial-institutions-in-latin-america/
About Volante Technologies
Volante Technologies is the leading global provider of cloud payments and financial messaging solutions to accelerate digital transformation. We serve as a trusted partner to over 100 banks, financial institutions, market infrastructures, clearing houses, and corporate treasuries in 35 countries. Our solutions and services process millions of transactions and trillions in value every day, powering four of the top five corporate banks, 40 percent of all U.S. commercial bank deposits, and 70 percent of worldwide card traffic. As a result, our customers can stay ahead of emerging trends, become more competitive, deliver superior client experiences, and grow their businesses through rapid innovation. To learn more, visit www.volantetech.com. Follow us at linkedin.com/company/volante-technologies and twitter.com/volantetech.