PostePay, the Rome headquartered multinational Electronic Money Institutions unit of Poste Italian group revealed in its latest announcement that it has entered into a partnership with Volante Technology to enhance its payment services. In particular, the firm is looking to strengthen its payments modernization program by focusing on open banking division and introducing new gateway to traditional interbank networks. It should be noted that this partnership was announced shortly after PostePay’s investment worth $35 Million during Volante Tech’s most recent funding round. PostePay is currently the one of largest electronic money institution in Italy having attained its status by leveraging on Poste Italian’s assets and expertise in payments and telecommunication verticals.
PostePay currently boasts a huge client base having issued more than 28 million cards from which it has processed 1.4 billion card transactions in just 2019 alone. Volante Technologies is renowned for its industry leading payments and financial messaging solutions across global market as it can be deployed both on premise and in cloud. PostePay in particular, wishes to make use of volante’s cloud focused tech to achieve its goals. PostePay has become infamous for becoming pioneer in Italian electronic money market having triggered market wide shift from traditional payments methods to next-generation digital options and account based payments. Aside from focus on payments modernization program, PostePay hopes to leverage on this deal with Volante Technology to further develop its other product solutions such as Codice PostPay QR code solution to facilitate state of art customer experience and providing opportunity for further development of its product portfolio.
These changes are actually a part of wider goal set by parent firm Poste Italian Group dubbed “Deliver 2022 Strategy”. As part of this plan, the parent firm is looking to expand its partnership network across the globe as it believes that further development of its diversified business amidst ongoing covid-19 crisis ridden market where even established firms and their markets are taking a hit can only be achieved by focusing on innovative products and solutions. To set this plan in motion, the firm has already entered into successful partnership agreements with several leading digital wealth management, open banking, premium home delivery services and long haul road transportation service providers. PostePay’s investment in Volante’s funding round can also be considered as one such move made under instruction of parent firm.
Having entered into partnership with Volante Tech, PostePay is currently focusing on educating its clients and guiding them towards changes in consumer habits thereby accelerating Italy’s transformation from cash market to digital payments focused market. PostePay will use Volante’s VolPay cloud native microservices architecture to support its current operations as well as future growth plans as it helps achieve high levels of resilience and extensibility. This will result in a modern scalable end-to-end payments processing infrastructure which provides PostePay’s clients with market leading customer experience and services while at same time providing a strategic advantage to constantly innovate in an ever changing landscape resulting from current PSD2 regulation.
Speaking about the deal, Poste Italiane had mentioned in its statement “One of our objectives was to find a partner with whom we could develop common roadmaps for our payment-hub, rather than simply outsource to a vendor for the SCT-INST project. With the payments landscape changing so rapidly, the Poste Italiane Group is investing – alongside other leading global institutions – in a growing company known for its modern, resilient and scalable technology to continue to provide our customers with the most technologically advanced and reliable payment experience. The fact that VolPay is cloud-native proved particularly attractive in that it can offer a variety of deployment models”.
Commenting on same note, Volante Technologies added “It is clear that Poste Italiane s constantly looking for ways to ensure that their customers benefit from the emerging opportunities of digital payments. We are delighted that they chose Volante, and that we have the opportunity to help them further modernize their payments landscape with speed, enabling them to become more competitive
now and in the longer term. We are confident that we can provide them with the extensibility they require to achieve their future growth objectives in payments”.
