Paytech consolidates market leadership position with consecutive appearances in annual industry benchmark ranking
NEW YORK, Oct. 3, 2023 /PRNewswire/ -- Volante Technologies, the global leader in cloud payments modernization, today announced that it has been named to The IDC FinTech Rankings Top 100 for 2023. This marks the third year Volante has secured a spot in the IDC Fintech Top 100, which lists technology providers based on calendar year revenue from financial institutions.
Vijay Oddiraju, CEO, Volante Technologies, said, "In the last three years, the imperatives for financial businesses to modernize their payments infrastructures have dramatically increased. With the cloud taking center stage, this sense of urgency has boded well for our business."
"We expect this growth trend to continue as global non-cash transaction volumes are projected to rise fifteen percent annually over the next five years," he continued. "This is nearly twice as fast as pre-pandemic projections, stretching legacy systems to breaking points. With real-time payments continuing to grow in importance with the recent introduction of FedNow™, we're prepared to set the bar for reach and scale."
The accolade follows other notable recognitions for Volante since the publication of the previous year's IDC Fintech 100. Volante recently placed first in the IBS Intelligence (IBSi) Sales League Table (SLT) for wholesale banking payments for an unprecedented third consecutive time, based on the company's outperformance in annual new logo acquisition. The payment fintech also debuted in the CB Insights 250 and the D.A. Davidson Fintech Herd 100.
Aaron Press, Research Director, IDC Financial Insights, said, "The IDC Fintech Rankings is the global standard list of fintech providers to the industry, and we congratulate Volante for their placement among the 2023 FinTech Top 100 winners. Our research shows that real-time payments are the fastest-growing category of bank technology spend. Volante's focus on innovative solutions for real-time payments and ISO 20022 migration, delivered as a secure Payments as a Service (PaaS) offering, has enabled the company to feature in the IDC Fintech 100 for three years running."
According to IDC, 90% of banks expect to increase cloud spending in the coming year. Echoing this research from IDC and other analyst firms, Volante's 2023 Cloud Modernization Survey reveals a remarkable four-fold surge in banks planning to switch to Payments as a Service for their payment processing needs. For a complimentary copy of the survey, click here.
About Volante Technologies
Volante Technologies is the trusted cloud payments modernization partner to financial businesses worldwide, giving them the freedom to evolve and innovate at record speed. Volante's Payments as a Service and underlying low-code platform process millions of mission-critical transactions and trillions in value daily, so customers can focus on growing their business, not managing their technology. Real-time ready, API enabled, and ISO 20022 fluent, Volante's solutions power four of the top five global corporate banks, two of the world's largest card networks, and 66 percent of U.S. commercial deposits. Learn more at volantetech.com and linkedin.com/company/volante-technologies.
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