Citi today announced that its Treasury and Trade Solutions has gone live with eXtensible Markup Language (XML) standard ISO 20022 camt.052 and camt.053 messages for client statements. Microsoft Corp. has implemented this service in its treasury operations.
As firms look to get greater efficiencies in their end-to-end processes, ISO20022 XML has emerged as a standard of choice. Citi, as part of the ISO 20022 Common Global Implementation (CGI) initiative, an industry collaboration to define a standard implementation of ISO20022 XML, is committed to taking an active role in the development and enhancement of this industry standard and is focused on how to best partner with clients in the implementation of ISO 20022 messaging. The ISO XML messaging standard allows firms to take advantage of a more powerful, and flexible, “universal” format that provides firms with greater flexibility should additional fields/data need to be included in the future.
Having gone live with client statements, Citi recently worked with Microsoft to successfully implement the standard moving from their UN/EDIFACT FINSTA end-of-day statements to ISO XML end of day statements. In addition, Microsoft was also migrated from MT942 intraday statements to ISO XML intraday statements. In total, nearly 700 Microsoft accounts across 80 branches were successfully migrated to these new statements files. With the tag structure of XML Files, Microsoft will now have the ability to capture more information as the industry and Citi offer additional optional services (AOS) to corporate customers. The AOS offered will allow for Microsoft to improve their Straight-Through-Processing rates and improve automated reconciliation of statements.
Citi is a strong proponent of driving industry alignment among both the banking and corporate communities to collaborate in the development of accepted standards that promote interoperability for common processes,” says Michael Knorr, Head of Integration & Data Services at Citi’s Global Transaction Services, “Using the ISO XML standard represents an opportunity to bring value not only to our clients, but to the industry as a whole.”
Global 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 100 countries, Citigroup’s Global Transaction Services business supports over 65,000 clients. As of the second quarter of 2011, it held on average $365 billion in liability balances and $13.5 trillion in assets under custody.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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