US banking giant Citi is enlisting Volante Technologies to accelerate its adoption of the ISO 20022 financial messaging standard across its global payments operations.
Citi is an investor in, and longtime client of, cloud payments and financial messaging specialist Volante. Now the bank's Treasury and Trade Solutions business will become 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 migration offering that enables the sending and receiving of the messages as well as the usage of the enhanced associated data throughout the transaction lifecycle for sanctions screening, AML monitoring, reporting and reconciliation.
Nick Nadgauda, global head, technology, Citi Treasury and Trade Solutions, says: "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."