Home Business Volante Extends Collaboration with Citi for Global ISO 20022 Migration 

Volante Extends Collaboration with Citi for Global ISO 20022 Migration 

by gbaf mag

Citi will be the first Volante customer to offer a unified approach to ISO 20022 migration across  the globe. 

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.

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