Transforming Payments with Volante and MongoDB: A Modern Cloud Solution

In the ever-evolving world of banking and financial services, innovation and adaptability are key to success. Volante Technologies, a trusted cloud payments modernization partner to financial businesses worldwide, has been at the forefront of this transformation, empowering cloud-native payments solutions for over 125+ banks, financial institutions, and corporations across 35 countries to harness the power of digital payments and have 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% of U.S. commercial deposits.

In this customer story, we'll delve into how Volante, in partnership with MongoDB, has helped banks of all sizes modernize their payment systems, opening doors to new possibilities.

The challenge

Banks have long grappled with the constraints of monolithic infrastructure and legacy technologies that are a decade or more old and unable to handle the 24x7x365 digital demands of today's banking. In the fast-paced world of real-time payments – payments that clear and settle almost instantaneously using an underlying platform or network called payment rails – the need for speed and innovation is paramount. Corporate B2B banking, a lucrative revenue source, is also highly competitive. To win and retain customers, banks must offer improved and new payment services. Moreover, regulatory requirements demand that banks update their B2B payments systems to enable new payment rail standards such as FedNow and RTP as well as comply with new payment messaging standards like ISO20022.

The solution

In response to these challenges, Volante Technologies, in partnership with MongoDB, introduced VolPay, a groundbreaking solution that redefined the way banks approach payments technology. This modern, cloud-native solution leverages MongoDB's cutting-edge technology to provide a modular, microservices API-based application. The benefits of this collaboration include:

  • Modularity: Banks can now choose and integrate the services they need, making it a highly customizable solution.

  • Innovative Tech Stack: By embracing modern technology, Volante's solution is resilient and able to meet the demands of today’s payments services and is future-proof as the landscape continues to evolve.

  • Cloud Native: The solution is designed to operate in the cloud, enabling rapid deployment and scalability.

  • Real-time: With real-time capabilities, banks can deliver 24x7x365 customer experiences that are critical in today's fast-paced digital world.

  • Easy Integration and Extension: Volante's solution is easy to integrate with existing systems and extend as needed.

  • Lower Total Cost of Ownership (TCO): The solution eliminates the need for costly "oil tanker" license upgrades, reducing both costs and implementation time.

  • Global Connectivity: Banks can expand into new markets by connecting to over 100 global clearing and settlement schemes.

MongoDB plays a crucial role in Volante's solution, providing a robust foundation for reading data, and ensuring high performance, scalability, and availability.

The result

MongoDB underpins the VolPay solution, a pioneering approach to payments technology. Unlike the monolithic systems of the past or generic middleware solutions, VolPay is an interoperable ecosystem of business services designed for payments innovation and transformation across the entire payments lifecycle including: Real-Time / Instant Payments, Global and Domestic Payments, ISO 20022 standardization, and more. Over 125+ global financial institutions take advantage of the cloud-native, API-ready solution. Built on a microservices architecture, VolPay is inherently real-time and ready to meet the demands of today's fast-paced payments environment.

VolPay is available for deployment in various configurations across an organization’s modernization journey, from on-premise data centers to public cloud instances on major platforms like Microsoft Azure and AWS. Additionally, it is offered as a SaaS-managed service called "Payments-as-a-Service." Customers looking to support their critical workloads in a self-managed environment can utilize MongoDB Enterprise Advanced, a comprehensive suite of products and services that put engineering teams in control of their self-managed MongoDB database, helping them drive security, performance, and operational efficiency. Those leveraging VolPay in the cloud can leverage the most advanced multi-cloud database service on the market – MongoDB Atlas – with unmatched data distribution and mobility, built-in automation for resource and workload optimization, and so much more.

From on premises, to hybrid cloud and multi-cloud, MongoDB Enterprise Advanced and MongoDB Atlas deliver the scalability, high availability, and deployment flexibility today’s applications demand.

In this transformative landscape, MongoDB plays a critical role as the archival (read) and transactional (write) database, ensuring performance, scalability, and high availability to meet the demanding transaction-per-second (tps) requirements of banks.

In conclusion, the collaboration between Volante Technologies and MongoDB has ushered in a new era of payments technology, enabling banks to stay ahead of the curve and provide their customers with innovative, real-time payment experiences. This partnership has demonstrated that modern, cloud-native solutions can be implemented in a matter of months, offering a cost-effective and efficient alternative to the traditional, cumbersome systems that have held banks back for far too long. The future of payments is here, and it's being shaped by innovators like Volante and MongoDB.

If you would like to learn more about why leading banks and payment providers choose Volante and MongoDB, take a look at the below resources:

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Introducing a New Way to Explore, Discover, and Get Started with the Right MongoDB Partner

At MongoDB, our partners have always been an integral part of our growth and success, so it is especially important to harness the power of our global partner ecosystem to connect customers to innovative technology and services. Working alongside our partners, MongoDB Atlas , the leading multi-cloud developer data platform, is accelerating and simplifying building with data. Together, we enable developers to quickly build with the capabilities, performance, and scale generative AI applications required to drive business value. As our partner ecosystem continues to grow, it is important that customers can easily find the perfect MongoDB partner based on competencies like use cases, industry expertise, products, and platform services. We want to enable customers to find vetted and exemplary solutions that work with MongoDB. To make this partner discovery a reality, we’re thrilled to introduce the MongoDB Partner Ecosystem Catalog , a new way to explore the many MongoDB partners and find the best-combined solution. "MongoDB is passionate about partners and customers and our partner ecosystem is designed based on customer needs and feedback. Launching the MongoDB Partner Ecosystem Catalog is another step in that journey. This new catalog will make it easier to connect customers with the right partner at the right time to ensure they have the technology and support they need to be successful. This is especially important as more organizations look to capitalize on the power of generative AI both in how they build applications and how their customers interact with applications." -Alan Chhabra, Executive Vice President, Worldwide Partners and Asia This new catalog enables customers to discover everything the MongoDB partner ecosystem has to offer in one place. With over 1,000 partners and counting across the globe, we’ve identified, vetted, and highlighted those that we believe to be most impactful and capable of driving the best experiences for customers. Today at MongoDB.local Paris, MongoDB also announced the launch of MongoDB Atlas for Retail , part of the Atlas for Industries program, to accelerate innovation in the retail industry through tailored partnerships, expert-led innovation workshops, and an industry-specific incubator that builds customized training paths for customers. Customers are now able to explore a variety of different partners, from cloud providers to system integrators, technology partners, and those partnering with MongoDB to build AI solutions. Using this discovery tool, customers are now able to explore and filter the MongoDB partner ecosystem based on: The use case or problem they are trying to solve Industry-specific focus In-depth details about what a partner offers and how they work with MongoDB Documentation and instruction on how to get started Building this feature for the MongoDB partner ecosystem is one of the initial steps to enhance discoverability, highlight relevant product integrations, get developers started quickly, and continue to grow our partner network. Participating partners can join and contribute to an engaged and thriving ecosystem. Hear from some of the companies included in our MongoDB Partner Ecosystem Catalog launch: Erik Bovee, Head of Business Development at MindsDB "We are thrilled to be a launch partner for MongoDB's new partner ecosystem catalog. Our MindsDB integration allows any MongoDB developer to easily build enterprise-grade AI solutions with real-time data by plugging any AI model directly into their MongoDB collections. MindsDB can be used to take advantage of vector features, create embeddings, call LLMs from within collections, and offers automation and orchestration for AI workflows over dynamic data. Together, we'll continue to help developers streamline building powerful, AI-enriched applications." Asvin Ramesh, Sr. Director, Partner Alliances at HashiCorp "HashiCorp and MongoDB have both been working to improve developer efficiency and innovation with integrated capabilities that evolve with an organization's environment. As part of the new MongoDB Partner Ecosystem Catalog, customers will have an easier path to identifying which integrations will work for them and get started quicker with direct access to documentation.” Eyal Sacharov, SVP, Research & Chief Architect, CTO at BigID "We provide our customers with a single platform for data visibility and control for security, compliance, privacy, and governance. We're able to help customers get more value from their data and reduce their data risk - accurately, at scale, and fit for their environment. We are proud to be part of the new Partner Ecosystem Catalog and look forward to helping more joint customers discover, manage, and protect their data." Aaqib Gadit, Chief Revenue Officer at DigitalOcean “DigitalOcean and MongoDB have a shared vision of making cloud acceleration for startups and SMBs simpler so they can focus on innovating and building,” said Aaqib Gadit, Chief Revenue Officer. “MongoDB's new Partner Ecosystem Catalog will make this even easier as startups and businesses alike will be able to quickly find the ideal partner for each project they are working on. We are excited to be part of this launch and committed to working with even more joint customers.” Keshav Varma, ISU Head, Technology, Software and Services Business Group, at Tata Consultancy Services (TCS) "It is a priority for us to help organizations transform their legacy data infrastructure in a fast, secure way, and MongoDB is one of our key technology partners in making this happen. TCS's deep domain knowledge across industries, sustained investments in research & innovation, and collaboration with MongoDB shall accelerate customer's growth and transformation journeys.” Eric Allen, Partner Leader at gravity9 “We are in the business of helping our clients accelerate their digital journey and providing them with the best digital products, and MongoDB is integral to this. Being part of MongoDB’s new Partner Ecosystem Catalog makes it easier for us to connect with the customers we can help the most to realize their vision.” The MongoDB Partner Ecosystem Catalog is one of many improvements we are working on to connect customers to the solutions, and partners, they need to unlock value. Soon, customers will be able to navigate the MongoDB Partner Ecosystem by region of service and with additional filtration, as well as review testimonials. We look forward to continuing to work with our partners to help customers build and scale their applications on MongoDB. Visit our website to learn more about the MongoDB Partner Program and apply to be part of our ecosystem .

November 7, 2023
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MongoDB and Partners: Building the AI Future, Together

If you’re like me, over the past year you’ve closely watched AI’s developments—and the world’s reactions to them. From infectious excitement about AI’s capabilities, to impatience with its cost and return on investment, every day has been filled with AI twists and turns. It’s been quite the roller coaster. During the ride, from time to time I’ve wondered where AI falls on the Gartner hype cycle, which gives "a view of how a technology or application will evolve over time." Have we hit the "peak of inflated expectations" only to fall into the "trough of disillusionment?" Or is the hype cycle an imperfect guide, as The Economist argues? The reality is that it takes time for any new technology—even transformative ones like AI—to take hold. And every advance, no matter how big, has had its detractors. A famous example is that of Picasso (!), who in 1968 said, “Computers are useless. They can only give you answers.” (!!) For our part, MongoDB is convinced that AI is a once-in-a-generation technology that will enhance every future application—a belief that has been reinforced by the incredible work our partners have shared at MongoDB’s 2024 events. Speeding AI development MongoDB is committed to helping organizations of all sizes succeed with AI, and one way we’re doing that is by collaborating with the MongoDB partner ecosystem to create powerful, user-friendly AI development tools and solutions. For example, Fireworks.ai —which is a member of the MongoDB AI Applications Program ecosystem —created an inference solution that hosts gen AI models and supports containerized deployments. This tool makes it easier for developers to build and deploy powerful applications with a range of easy-to-use tools and customization options. They can choose to use state-of-the-art, open-source language, image, and multimodal foundation models off the shelf, or they can customize and fine-tune models to their needs. Jointly, Fireworks.ai and MongoDB provide a solution for developers who want to leverage highly curated and optimized open-source models and combine these with their organization’s own proprietary data—and to do so with unparalleled speed and security. “MongoDB is one of the most sophisticated database providers, and it’s very easy to use,” said Benny Chen , cofounder of Fireworks.ai. "We want developers to be able to use these tools, and we want to work with providers who enable and empower developers." Nomic , another MAAP ecosystem member, also enables developers with best-in-class solutions across the entire unstructured data workflow. Their Embed offering, available through the Nomic API , allows users to vectorize large-scale datasets for use in text, image, and multimodal retrieval applications, including retrieval-augmented generation (RAG), using only their web browser. The Nomic-MongoDB solution is a highly efficient, open-weight model that developers can use to visualize the unstructured datasets they store in MongoDB Atlas . These insights help users quickly discover trends and articulate data-driven value propositions. Nomic also supported the recently announced vector quantization in MongoDB Atlas Vector Search , which reduces vector sizes while preserving performance. Last—but hardly least!—there’s our new reference architecture with MAAP partners AWS and Anthropic. Announced at MongoDB.local London , the reference architecture supports building memory-enhanced AI agents, and is designed to streamline complex processes and develop smarter, more responsive applications. For more—including a link to the code on Github— check out the MongoDB Developer Center . Making AI work for anyone and everyone The companies MongoDB partners with aren’t just making gen AI easier for developers—they’re building tools for everyone. For example, Capgemini has invested $2 billion in gen AI and is training 100,000 of its employees in the technology. GenYoda, a solution that helps insurance professionals with their daily work, is a product of this investment. GenYoda leverages MongoDB Atlas Vector Search to analyze large amounts of customer data, like policy statements, premiums, claims history, and health information. Using GenYoda, insurance professionals can quickly analyze underwriters’ reports to make informed decisions, create longitudinal health summaries, and streamline customer interactions to improve contact center efficiency. GenYoda can ingest 100,000 documents in just a few hours and respond to users’ queries in two to three seconds—a metric on par with the most widely used gen AI models. And it produces results: in one example, by using Capgemini’s solution an insurer was able to increase productivity by 15%, add new reports 25% faster (thus speeding decision-making), and reduce the manual effort of searching PDFs, increasing efficiency by 10%. Building the future of AI together So, what’s next? Honestly, I’m as curious as you are. But I’m also incredibly excited. At MongoDB, we’re active participants in the AI revolution, working to embrace the possibilities that lie ahead. The future of gen AI is bright, and I can’t wait to see what we’ll build together. To learn more about how MongoDB can accelerate your AI journey, explore the MongoDB AI Applications Program .

November 4, 2024