Volante Technologies and Citi Treasury and Trade Solutions are working together for the adoption of ISO 20022 financial messaging standard across the bank’s global payments operations. As a result of this collaboration, Citi will be the first Volante customer to offer a unified approach to ISO 20022 migration across the globe.
Citi will be building its core ISO 20022 capability using Volante’s payment development platform, VolPay, for ISO 20022 Migration solutionwithin mandated timelines. This solution will enable the sending and receiving of ISO 20022 messages and the usage of the ISO 20022 enhanced data throughout the transaction lifecycle for sanctions screening, AML monitoring, reporting and reconciliation. Pre-defined ISO 20022 canonical schema, which cover SWIFT CBPR+ and multiple payment schemes, make it easier to onboard new schemes and countries onto the solution.
Nick Nadgauda, global head of Technology with Citi’s Treasury and Trade Solutions, said in a statement: “Volante’s payments processing solutions are already an integral part of our payments and transaction banking platforms. Using this technology will allow us to simplify the complexity of mandatory ISO 20022 migrations across the many markets in which we operate.”
“Significant changes are on the horizon for banks and financial institutions, with ISO 20022 migration mandates raising a multitude of operational, infrastructural, and technical challenges,” said Uday Thakur, CTO of Volante Technologies, in a statement: “Helping banks rise to the challenge and enabling them to meet critical deadlines without slowing down modernization efforts, will be key to their success. Moreover, by deploying VolPay for ISO 20022 Migration, bank treasury teams will be able to offer rich, value-added data services to their corporate clients, simplifying reconciliation effort, improving straight-through processing, and reducing fraud.”