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Industry roundup: 20 January

Volante extends collaboration with Citi for global ISO 20022 migration

Volante Technologies and Citi Treasury and Trade Solutions (Citi) have announced they 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 is designed to 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's 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. Citi Ventures is also an investor in Volante Technologies.

“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 with Citi’s Treasury and Trade Solutions. "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,” added Uday Thakur, CTO at 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. 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.”

 

Plastiq adds cash payments to business offering

Plastiq, a payment solutions provider for small business, has announced it has expanded the scope of its payments platform to include US cash payments, in addition to credit card payments. The cash payments feature adds to Plastiq’s existing credit card payment offerings to provide businesses of all sizes the ability to pay all of their bills in one place using their linked bank accounts or credit and debit cards for optimised cash flow management.

Plastiq’s cash payments feature allows users to make any payment through their linked bank accounts, connecting their financial accounts instantly and securely. The firm says that customers can start making payments immediately, eliminating the hassle of writing checks and allowing businesses to make and track all of their business payments all in one place and gain unprecedented visibility into their total cash flow.

Using Plastiq, payments can be sent in whichever manner the business prefers, whether via cheque, wire transfer or ACH transfer. The intelligent platform provides real-time insights into businesses’ payments, cash flow and working capital. These insights inform how and when to pay business expenses, allowing companies to efficiently manage resources across any industry supply chain.

 

BNL goes live with multi-banking using Tink technology

Italian bank BNL, part of the international group BNP Paribas, has launched a multi-banking service with open banking platform Tink. This forms part of a wider strategic European partnership between BNP Paribas and Tink, announced at the beginning of 2020.

BNL and Tink have worked together to add a new multi-banking feature to BNL’s mobile banking app. The feature is designed to give BNL’s customers a 360-degree view of their finances in one place, by letting them add checking accounts they may hold with other banks in Italy, into the BNL environment.

With this first step in the relationship, BNL is integrating Tink’s account aggregation technology into its app, with money management to follow.

“This is the first step in our collaboration with Tink, which will enable us to continue developing our open banking strategy - driving innovation for the bank and adding real value for our customers,” commented Marco Tarantola, BNL deputy general manager and head of Commercial Banking Division at the bank.

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