Volante Technologies, a global leader in Payments as a Service (PaaS), announced that Lakeside Bank has selected Volante’s PaaS to modernize its payments infrastructure. This collaboration aims to enhance Lakeside Bank’s SWIFT messaging capabilities and implement real-time payments via RTP® from The Clearing House and FedNow® from the Federal Reserve.
Lakeside Bank, a Chicago-based community bank with over $2.64 billion in assets, experienced significant growth in 2022-2023, with a 16.5% increase in net assets and a record number of new clients in its Treasury Management division. To build on this momentum, Lakeside partnered with Volante to ensure ISO 20022 compliance for cross-border payments and expand its real-time payment offerings.
Matthew Palmisano, Senior Vice President and Director of Treasury Management at Lakeside Bank, emphasized the importance of this partnership, stating, “Volante’s Payments as a Service allows us to offer faster, more efficient, and reliable services that rival the biggest financial institutions. This partnership empowers Lakeside Bank to compete at a higher level, delivering best-in-class real-time treasury services to our clients.”
Lakeside Bank’s commercial clients, particularly those in sectors like retail and commodities, are set to benefit from real-time payments, which enhance cash flow, liquidity management, and risk mitigation. The adoption of Volante’s API-driven architecture and real-time payments is expected to provide significant advantages in transaction speed and settlement efficiency.
Vijay Oddiraju, CEO of Volante Technologies, highlighted the strategic value of the partnership, stating, “Lakeside gains a competitive edge by utilizing our cutting-edge technology to modernize their infrastructure. We’re excited to help Lakeside expand its offerings with RTP and support their future transition to FedNow.”
This partnership is part of a broader movement towards global payments modernization, with Lakeside Bank joining other financial institutions leveraging Volante’s PaaS to achieve their modernization goals.
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