01 April 2015

Citi claims ISO 20022 XML messaging landmark

06 February 2013  |  1753 views  |  0 Source: Citi Transaction Services

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 accomplishment validates the increasing adoption of ISO 20022 as the new global standard for cash management. This new global standard continues to evolve through industry wide collaboration via the Common Global Implementation (CGI) workgroup, co-founded by Citi and governed by SWIFT.

"P&G firmly believes that cost efficiencies and business process improvements are achieved through standardization and partnership with vendors and providers," said Susan Meeks, who is responsible for Global Payments & Banking Services at Procter & Gamble. "With respect to cash management we are achieving this by consolidating all our transactional data flows on the ISO 20022 XML standard with Citi and our other CGI compliant banks."

The ISO 20022 standard 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 customization and provides simplified business rules that allow corporations to easily integrate data with their banks as appropriate. As a result, corporations can achieve lower costs, lower maintenance cash management environments and enhanced straight through processing.

"Reaching this milestone is testimony of the desire of corporate users to leverage a common EDI standard for data exchange with their banks," said Hubert JP Jolly, Global Head of Channel and Enterprise Services at Citi Transaction Services. "By enabling our connectivity solutions to support this new global EDI standard we are actively partnering with our clients and the industry to ensure global consistency, both with Citi and other CGI compliant banks."

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 online banking platform, CitiDirect® Online Banking.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Related blogs

Create a blog about this story (membership required)

Related company news

 

Top topics

Most viewed Most shared
Europe sets the pace as fintech investment...
6377 views comments | 29 tweets | 20 linkedin
UK online banking fraud losses soar 48%
5873 views comments | 16 tweets | 19 linkedin
Future Money Focus: Mariano Belinky, Santa...
5502 views comments | 12 tweets | 12 linkedin
Google preps Gmail bill payment feature
5162 views comments | 15 tweets | 12 linkedin
Barclays and PayPal join Government ID acc...
4994 views comments | 10 tweets | 11 linkedin

Featured job

Competitive Package
London, UK

Find your next job