Volante Technologies, a global leader in cloud payments and financial messaging, has announced that banks and FinTech firms in the Middle East and Africa (MEA) are planning more investment in payments modernisation over the next two years than any other region in the world.
Data from Finextra’s Payments Modernisation: The Big Survey 2022, in collaboration with Volante, indicates that the beginning of 2022 was been a busy period for payments modernisation, propelled by mandates at the national and cross-border infrastructure level and the drive towards instant, real-time payments.
The survey elicited the highest proportion of responses (22.3%) confirming modernisation plans in a one-to-two-year timeframe from MEA, compared with the rest of the world. Although COVID-19 put several projects on hold at the start of 2021, planning for payments modernisation was well underway at that stage and led to this flurry of activity in 2022.
Vijay Oddiraju, CEO at Volante Technologies, said: “Our discussions with MEA financial institutions clearly show that there is now a race towards becoming real-time 24/7 in the MEA payments space and the future is taking payments into the cloud. We are committed to investing our time and resources in MEA, working as trusted partners to banks in the region to ensure they are ready with the right payments modernisation technology.”
