New York â July 11, 2005 â Vitria (NASDAQ: VITR), a leading provider of business process integration solutions, today announced a partnership with VolantÃ© Technologies, Inc., a leading provider of data-centric solutions to the financial services industry.
This agreement will combine Vitriaâs award-winning BusinessWareÂ® business process integration platform with VolantÃ©âs popular data management software, to bring a best-of-breed solution targeted specifically towards the financial services industry. In the current growth-oriented environment the combined solution helps customers leverage their existing investments and bring products to market much faster.
The mission of Vitria Financial Services is to deliver Straight-Through Processing (STP) efficiencies within financial institutions, reducing operating costs while minimizing the risks from open and unsettled transactions.
Volante brings to the relationship a deep expertise in financial services focused data management with a particular emphasis on SWIFT, ISO15022 and ISO20022 standards. The combined offering has already been deployed at three leading financial institutions.
"Vitria enables organizations to leverage their existing technology investments to meet the demands of their business today and in the future," said Dale Skeen, co-founder and CEO, Vitria. "VolantÃ©âs comprehensive architectural approach to handling global financial messaging will enable us to offer financial services customers of BusinessWare more sophisticated business processes around messaging with simplified deployment of applications going forward."
Today, it is a business imperative in the financial services industry to reduce the cost of transactions by embracing STP, the automated end-to-end processing of transactions from order capture to settlement. With industry standards continually evolving, financial services institutions are pressed to better manage their data and the messaging that delivers it. Any given transaction undergoes five or more transformations along the route to completion. VolantÃ©âs technology enables the rapid identification of errors at the source, enhancing BusinessWareâs capacity to manage the entire transaction lifecycle. With up to 80 percent of typical bank and brokerage transaction costs related to handling exceptions, it is clear that streamlining this process can result in significant time and cost savings.
"Volante is widely deployed in leading financial institutions and is providing tremendous cost and time savings. By combining our strengths in data management with a very complementary offering from Vitria, we are able to provide a well rounded offering to our existing customer base and also to the financial industry at large," said Vijay Oddiraju, Chairman and founder of Volante Technologies, Inc.