The region is poised to invest more in invoice modernization over the next two years than any other geography.
DUBAI, United Arab Emirates, /PRNewswire/ — Volante Technologies, the global leader in cloud-based billing and monetary messaging, announced that, based on new original research, banks and fintech companies in the Middle East and Africa (MEA) plan to invest more in invoice modernization over the next two years than any other region in the world.
Data from the Payments Modernization: The Big Survey 2022 report, published through Finextra in collaboration with Volante, indicates that the start of 2022 has been an incredibly busy time for invoice modernization, driven through mandates at the national and cross-border infrastructure level, and the trend toward instant/real-time invoices.
The survey obtained the highest proportion of responses confirming the MEA’s modernization plans within 1-2 years (22. 3%) compared to the rest of the world. Although COVID suspended a number of projects in early 2021, payment modernization plans are underway. at this point and led to this wave of activity in 2022, according to the report.
The verbal exchange at two recent exclusive roundtables organized through Volante in the United Arab Emirates and Saudi Arabia, in partnership with MEA Finance magazine, showed this conclusion. Speaking on the occasion in Dubai, Anand Sampath, Chief Executive Officer and Head of Global Accounts Payable and Receivable, First Abu Dhabi Bank, said: “Banks must. . . to ride the wave, from the point of view of making us paint with this modernization of invoices. “
Speaking at MEA Finance magazine’s payments landscape modernisation roundtable earlier this year, Sameer Nemazie, Director, MENA Transaction Banking at Standard Chartered Bank, highlighted the role of regulators in modernising invoices through mandates, mentioning the launch of instant invoices in Bahrain as good fortune. “because. . . the total infrastructure is the central bank itself. “
One underlying thing for competitive differentiation is the move to cloud and payment-as-a-service (PaaS) technology, which accelerates time to market in the MEA region through the progression of value-added services.
Abdulrahman Al-Khereji, senior director of programs at Bank Al Jazeera, predicted that cloud-based responses would help banks in the region serve more consumers while getting rid of legacy systems that have been in use for decades. “Cloud computing,” he said, “offers a dynamic platform for developing, verifying, and delivering state-of-the-art facilities in the monetary facility industry, including invoices. “
Vijay Oddiraju, CEO of Volante Technologies, said: “Our conversations with MEA monetary institutions obviously show that there is now a race to real-time 24/7 in the MEA invoice space, and in the long term it is moving invoices to the cloud. We are committed to investing our time and resources in MEA, functioning as trusted partners for banks in the region to ensure they are in a position with the right payment modernization technology: microservices-enabled, highly configurable, real-time, API-enabled. , ISO 20022 elegant and low-coded”.
Volante Technologies recently won the “Most Innovative Payment Solution Provider” award for consecutive year at the MEA Finance Banking Technology Awards, 2022, and the popularity of the “Best Cloud Service Provider” in 2021. The company also has the difference of Processing the first payment in real time from start to finish in Saudi Arabia.
To see how we can evolve your invoice modernization business in the Middle East, please tap Flyer.
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Media Contacts: On behalf of Volante Technologies: Holly Finn or Damien Fletcher Streets Consulting Holly. Finn@Streetsconsulting. com damien. fletcher@streetsconsulting. com ToVolante Technologies Volante Technologies is the world’s leading provider of cloud-based payments and monetary messaging responses to drive virtual transformation. We serve as the trusted spouse of over a hundred banks, monetary institutions, market infrastructures, clearing houses and corporate treasuries in 35 countries. Our responses and facilities process millions of transactions and trillions in price every day, powering 4 of the five most sensible corporate banks, 40% of all U. S. advertising bank deposits. U. S. and 70% of global card traffic. their business through immediate innovation. For more information, make a stopover in www. volantetech. com. Follow us on linkedin. com/com pany/volante-technologies and twitter. com/volantetech.
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