The payment platform that Banorte used until February “is incomparable” to the one they have today. The pandemic drove an unexpected growth in remittance transfers, new challenges for commercial customers, and a growing need to understand the behavior of its users.
With this in mind, Mexico’s second-largest bank has overhauled its payments infrastructure to improve the user experience (UX), using technologies such as artificial intelligence (AI) and incorporating new technical standards for cross-border payments, to modernize its systems and capitalize on the rapid changes in the industry. “Companies without a cross-border option have lost all the potential growth we have seen this year. The digital platforms or divisions such as MoneyGram or Western Union have seen growth of over 70%,” explained Ricardo Velasquez, assistant general director of international banking at Banorte, in an interview with iupana. International remittances paid into Banorte accounts grew 38% compared to the previous year, he added. Although at the beginning of the year the World Bank predicted a drop of at least 20% in global remittances, Mexico received $3.574 million in August, 5.3% more than in the same month in 2019. Remittances, mainly from the U.S., have been growing steadily throughout the year and reached their highest level since records began in March 1995. The platform is based on VolPay technology from Volante Technologies, a global provider of financial messaging and cloud payment solutions. The payment processing tool is native to the cloud and suitable for APIs, giving the bank the opportunity to process payments in real time and take advantage of Open Banking features.