Volante Extends Collaboration with Citi for Global ISO 20022 Migration
- 19.01.2021 12:57 pm
Volante Technologies, the global leader in cloud payments and financial messaging, and Citi Treasury and Trade Solutions (Citi) are deepening their longstanding relationship to accelerate the bank’s adoption of the ISO 20022 financial messaging standard across its 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 VolPay For ISO 20022 Migration solution. This solution will enable the sending and receiving of ISO 20022 messages and also enable the usage of the ISO 20022 enhanced data throughout the transaction lifecycle for sanctions screening, AML monitoring, reporting and reconciliation. VolPay is well positioned to support the complexity and the global scope of change that Citi requires for the ISO 20022 adoption within the mandated timelines. 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: “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. We will be able to serve our clients even better by catering to their complex needs.”
“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, Volante Technologies. “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.”
Citi Ventures is an investor in Volante Technologies. For more information on ISO 20022 migration, download our latest paper: Five Success Factors for an Ideal ISO 20022 Migration.