Lakeside Bank and Volante Technologies have embarked on a strategic partnership aimed at transforming Lakeside’s payment processing capabilities.
Lakeside Bank, a prominent community bank with assets totaling $2.64bn, caters predominantly to mid-sized and larger businesses in Chicago.
On the other hand, Volante Technologies stands out as a global leader in Payments as a Service (PaaS), offering advanced payment solutions that streamline operations across financial institutions.
The collaboration was initiated to build upon Lakeside’s significant growth, marked by a 16.5% increase in net assets from 2022 to 2023 and the acquisition of a record number of new clients by its Treasury Management division.
Volante is facilitating Lakeside’s transition to modern payment infrastructures, including ensuring ISO 20022 compliance for SWIFT transactions and deploying real-time payments through RTP® from The Clearing House and FedNow® from the Federal Reserve. This strategic focus not only advances Lakeside’s treasury services but also aligns with global payment modernization trends.
Lakeside Bank aims to enhance its digital payment offerings and real-time data analytics capabilities. This partnership allows Lakeside to introduce cutting-edge technology for its commercial clients, focusing on optimizing cash flow and liquidity management while reducing financial risks.
Lakeside Bank senior vice president and director of Treasury Management Matthew Palmisano said, “Partnering with Volante is instrumental in leveling the playing field between Lakeside Bank and the world’s largest financial institutions as we seek to add new services such as real-time payments from RTP and FedNow. Volante’s Payments as a Service empowers us to offer faster, more efficient, and reliable services that rival those of the biggest banks.”
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