Reported by: banking|Updated: January 15, 2021
Citibank’s Citi Treasury and Trade Solutions and cloud payments and financial messaging services provider Volante Technologies are reinforcing their pay relationship to accelerate the bank’s adoption of the ISO 20022 financial messaging standard across its global payments operations. With this collaboration, Citi will be the first Volante customer to offer a unified approach to ISO 20022 migration across the globe. The bank 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. 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 Citi’s payments and transaction banking platforms and using this technology will allow the bank to simplify the complexity of mandatory ISO 20022 migrations across the many markets in which the bank operates.