Citi Reports 'Significant' Milestone in Adoption of ISO 20022 XML Messaging [Manufacturing Close - Up]
(Manufacturing Close - Up Via Acquire Media NewsEdge) 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.
According to a release, 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 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 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 developer 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.
Citi Transaction Services, a division of Citi's Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 95 countries, Citi's Transaction Services supports over 65,000 clients. As of the fourth quarter of 2012, it held on average $428 billion in liability balances and over $13.2 trillion in assets under custody.
Citi, a global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions.
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