London-based cloud payment solutions provider Volante Technologies has announced the extension of the company’s FIMBank partnership.

This comes after a four-year collaboration which saw FIMBank selecting Volante’s services to run in the cloud on Microsoft Azure, in a bid to make the processing of corporate inbound and outbound SEPA payments ‘more convenient’.

The bank will now use Volante’s services to further facilitate a switch to clearing and settlement via the Central Bank of Malta.

Gilbert Coleiro, CIO at FIMBank, commented: “We collaborated with Volante to help us implement the first step of our innovation programme – processing SEPA payments in the cloud. Volante’s PaaS is now a core part of our mission-critical payments business.

“Its extensibility will allow us to easily participate in new schemes like SEPA instant, expand cross-border capabilities, and smooth our migration to ISO 20022. By doing so, we will be able to deliver data-rich 24×7 instant payment experiences to corporations, no matter where or when they do business.”

The move comes as cloud-based financial solutions are continuing to grow in popularity, fitting institutions with appropriate life vests for the upcoming digital revolution of ‘web 3.0’. Experts home in on the same opinion that instant payments technology will dictate the future for large and small businesses alike.

Vijay Oddiraju, CEO at Volante Technologies, added: “We are delighted to see FIMBank expand its relationship with Volante by using our cloud payments as a Service for more of its mission-critical payments needs, including SEPA instant processing.

“FIMBank has recognised that the cloud can accelerate its modernisation journey and eliminate legacy limitations, giving it the freedom to evolve in whatever direction it chooses for itself and its customers. We look forward to continuing to support FIMBank throughout this journey.”

Gareth Lodge, Senior Analyst at marketing firm Celent, highlighted the ‘stiff competition’ for corporate business on all fronts including larger global banks, smaller challengers, fintechs and bigtechs. 

He concluded: “The key to rising above the competition is rapid payments modernisation. More than ever, that means adopting cloud-native as-a-service platforms for payments processing, particularly instant payments. The benefits are clear: faster time to value, greater resilience and scalability, lower costs, higher margins, and ultimately superior customer satisfaction and market share.”