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Financial institutions in the Middle East and Africa have ambitious plans to modernize payments, Volante Technologies Research reveals

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News Tech: Volante Technologies, the global leader in cloud payments and financial messaging, announced today that, according to new original research, banks and fintech firms in the Middle East and Africa (MEA) are planning more investment in payments modernization than any other region in the world over the next two years.

When compared to the rest of the globe, MEA had the greatest number of respondents (22.3%) confirming modernisation intentions in the next 1-2 years. Although COVID placed a number of initiatives on hold at the start of 2021, payments modernization planning was well advanced at the time, which contributed to the rush of activity in 2022, according to the study.

According to data from the report Payments Modernization: The Big Survey 2022, published by Finextra in collaboration with Volante, the beginning of 2022 was an extremely busy period for payments modernization, propelled by mandates at the national and cross-border infrastructure level, as well as the drive toward instant / real-time payments.

This conclusion was reaffirmed during two recent private round table meetings organised by Volante in the UAE and Saudi Arabia in collaboration with MEA Finance Magazine. Anand Sampath, Executive Director and Head, Global Payables and Receivables, First Abu Dhabi Bank, said at the Dubai event, “banks need to…ride the wave, from the standpoint of ensuring that we cooperate with this modernization of payments.”

Volante Technologies CEO Vijay Oddiraju stated: “Our interactions with MEA financial institutions clearly reveal that there is now a race in the MEA payments industry to become real-time 24/7, and the future is moving payments to the cloud. We are dedicated to spending our time and resources in MEA, serving as trusted partners to regional banks to ensure they have the necessary payments modernization technology in place: microservices enabled, highly flexible, real-time, API enabled, ISO 20022 fluent, and driven by low-code.”

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Volante Technologies was named “Most Innovative Payment Solutions Provider” for the second year in a row at the MEA Finance Banking Technology Awards in 2022, as well as “Best Cloud Service Provider” in 2021. In addition, the firm was the first in Saudi Arabia to complete an end-to-end real-time payment.

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