Volante and Citi to work together to accelerate ISO 20022 adoption

With SWIFT announcing last year that it had delayed the ISO 20022 migration from November 2021 to the end of 2022, other companies in this space have sensed the opportunity to capture and fill this void.

In such, US-based cloud payment and financial messaging solution platform, Volante has now extended its partnership with Citi Treasury and Trade Solutions to accelerate the bank’s adoption of the ISO 20022 financial messaging standard across its global payments operations.

ISO 20022 is an ISO standard for electronic data interchange between financial institutions. With this partnership, Citi will become the first Volante customer to offer a unified approach to IOS 20022 migration across the globe, the press release noted.

“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”, said Nick Nadgauda, Global Head of Technology at Citi’s TTS.

According to the press release, Citi will be using and building its core ISO 20022 capabilities using Volante’s VolPay for ISO 20022 Migration solution, allowing to send and receive ISO 20022 messages along with the ‘usage of IOS 20022 enhanced data throughout the transaction lifecycle for sanctions screening, AML monitoring, reporting and reconciliation’.

The press release also noted that the “pre-defined ISO 20022 canonical schema which covers SWIFT CBPR+ and multiple payment schemes, make it easier to onboard new schemes and countries onto the solution”.

“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.