The deployment is part of a wider payments’ modernisation initiative aimed at digitalising ACH Colombia’s entire payments operation with Volante. As a result, customers can now be onboarded six times faster than before. The services can also be more personalised, while receiving funds twice as fast. Over time, ACH Colombia will also be able to offer customers a variety of domestic payment services through the portal.
The initiative originated in ACH Colombia’s realisation that it needed to modernise its payments infrastructure and processes. Therefore, since it had already moved its entire operation to a fully hybrid and multi-cloud environment as part of a bank-wide digital transformation initiative, the solution needed to be cloud-native.
Volante is a global provider of cloud payments and financial messaging solutions to accelerate digital transformation. Volante’s VolPay was then chosen because of its cloud-native, low-code architecture, and ease of integration with ACH Colombia’s cloud-resident middle and back-office functions.
ACH Colombia manages payments in Colombia’s social security system through its platform to make the settlement and payment. SOI provides secure online payment and purchase options by debiting the resources online from savings, checking or electronic deposit accounts. PSE offers the possibility of making interbank transfers with Transfiya. The company handles 95% of Colombia’s interbank transfers, and during the first half of 2022, more than 167 million transactions in Colombia went through its network or over 27 million transactions per month.
During the last three years, financial businesses have had to adapt to new ways of working and interacting with their customers, making for a heavy reliance on digital channels. In Colombia, 61% of consumers use payment services from neobanks.
ACH Colombia made the decision to modernise into a hybrid and multicloud operation as it made the move to become a fintech company that provides banking services to consumers. When considering a move to the cloud, ACH Colombia needed computing power to support its goals of establishing a payments hub that would offer a single ecosystem across multiple clouds, with seamless integration among a complex web of systems.
Cloud computing has become the requisite technology foundation across multiple industries, providing access to data, dynamic scale, built-in security, and agile capabilities that drive new features and innovations.
In its basic form, cloud computing is a method that allows users to store and access data over the internet, instead of physical hard drives. When used for payment systems, the cloud is used to accept and process payments over the internet, rather than using a physical device.Therefore, a key advantage of using a cloud-based payment system is that it offers more flexibility than traditional point-of-sale technology. Cloud-based systems can allow payments to be made from mobile devices, or through bank transactions over the internet.
Besides, although cloud-based systems are still quite new, they may be more secure than data stored on physical systems. The reason is that cloud-based payment systems have invested more in robust security measures to ensure they maintain PCI DSS compliance.
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