Citi Transaction Services has reached a significant milestone of consistently processing more than one million payment transactions per month using the ISO 20022 XML schemas. This validates the increasing adoption of ISO 20022 as the new global standard for cash management. This global standard continues to evolve through industry-wide collaboration via the Common Global Implementation (CGI) workgroup.
The ISO 20022 standards emerged from various initiatives focused on establishing a single common comprehensive electronic data exchange (EDI) model to enable globally consistent data exchange between corporations and their banks. The availability of ISO 20022 XML messaging eliminates the need for customisation and provides simplified business rules that allow corporations to integrate easily data with their banks as appropriate. As a result, corporations can achieve lower costs, lower maintenance cash management environments and enhanced straight-through processing.
As an early adopter and collaborative innovator with various governing bodies, banks and corporate participants, Citi currently has over 130 live clients, across 84 countries, now processing payment transactions using ISO 20022 XML. Citi supports ISO 20022 XML transactions both via its direct integration solution, CitiConnect, as well as via the file import function in its on-line banking platform, CitiDirect® Online Banking.
This is more proof, if any were needed, that whenever the opportunity arises corporate treasury departments should adopt ISO 20022 XML messaging. It will certainly pay dividends in the long term, AND, it now appears, in the short term as well.
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