Standard Bank has announced plans to modernise payment infrastructure across Africa as part of a new strategic partnership.

The move, which will see Africa’s largest bank by assets partner with Volante Technologies, has been described as one of the “most ambitious” Payments as a Service (PaaS) deals in history due to its scope across 19 countries.

According to the technology provider, no other payment provider has serviced this many countries for a single customer in their PaaS cloud.

The Johannesburg-headquartered bank is using the PaaS technology and embedded pre-processing, which is already live in South Africa, alongside existing infrastructure to centralise multiple payment formats and standards into one system.

The partnership aims to help the bank achieve its broader, long-term transformation strategy, with the technology aiming to streamline its domestic and cross border real-time, high-value, and bulk payments.

The initiative, which will soon be rolled out to a further 18 African countries, integrates with existing legacy systems and manages more than 50 clearing and settlement systems.

“Our collaboration with Volante goes beyond much more than just a working partnership; it represents a pivotal moment in our evolution, built on trust and cultural alignment," said Bessy Mahopo, chief information officer for CIB transformation programmes at Standard Bank.

She went on to say that the new technology will help to "transform the payments landscape" while supporting communities and fostering growth across the region.

Standard Bank Group has 19.5 million customers across 20 African countries, where It employs nearly 51,000 people.

---