Citi extends partnership with Volante for ISO 20022 migration
By Pavithra R
Volante Technologies, a global provider of payments and financial messaging solutions in the cloud, and Citi Treasury and Trade Solutions (Citi) has announced deepening their longstanding relationship to accelerate the bank’s adoption of the ISO 20022 financial messaging standard across its global payments operations.
The shift to ISO 20022 is gathering steam, and major payment market infrastructures, instant payment rails, and SWIFT cross-border payments are making the move. Under the partnership, 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.
“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,” said Nick Nadgauda, Global Head of Technology, with Citi’s Treasury and Trade Solutions.
The integrated 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.
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 covers SWIFT CBPR+ and multiple payment schemes, making it easier to onboard new schemes and countries onto the solution.
“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. 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,” said Uday Thakur, CTO, Volante Technologies.
Established since 2001, Volante Technologies is a global provider of software to accelerate digital transformation and modernization. Its business services simplify complex systems and processes in payments, capital markets, and financial message automation.
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