Provider in cloud payments and financial messaging Volante Technologies and Citi are extending their relationship to accelerate the bank’s adoption of the ISO 20022 financial messaging standard across its global payments operations. Citi will be building its core ISO 20022 capability using Volante’s VolPay For ISO 20022 Migration solution. The solution will enable the sending and receiving of ISO 20022 messages as well as the usage of the ISO 20022 enhanced data throughout the transaction lifecycle for sanctions screening, anti-money laundering monitoring, reporting and reconciliation. Volante states that 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, explains that Volante's payments processing solutions are already “an integral part” of our payments and transaction banking platforms. Nadgauda says: “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, according to Uday Thakur, chief technology officer, Volante Technologies. “Helping banks rise to the challenge and enabling them to meet critical deadlines without slowing down modernisation efforts, will be key to their success,” Thakur explains. He adds: “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.”
