SAN FRANCISCO – JULY 18: Pedestrians walk by the Citigroup Center July 18, 2008 in San Francisco, California. Citigroup, the nation’s largest banking company, reported a second quarter loss of $2.5 billion or 54 cents per share as the company struggles with continuing bank loan defaults. Citi earned $6.23 billion or $1.24 per share one year ago. (Photo by Justin Sullivan/Getty Images)

Citi Treasury and Trade Solutions (Citi), a division of Citigroup‘s institutional clients group, has extended its partnership with Volante Technologies for Global ISO 20022 migration.

Under this partnership, Volante will help Citi boost the adoption of ISO 20022 financial messaging standard across its payments operations globally.

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Volante Technologies is a cloud payment and financial messaging player.

Its ‘VolPay For ISO 20022 Migration’ solution will be utilised by Citi to build its core ISO 20022 capability to send and receive the messages.

It will also enable usage of the messaging standard’s data via the transaction lifecycle for sanctions screening, anti-money laundering (AML) monitoring, reporting and reconciliation.

Volante claims that “VolPay is well-positioned to support the complexity and the global scope of change that Citi requires for the ISO 20022 adoption within the mandated timelines”.

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Volante Technologies CTO Uday Thakur said: “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.

“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.”

As a result of the latest collaboration, Citi has become the first client of Volante “to offer a unified approach to ISO 20022 migration” worldwide.

Citi Treasury and Trade Solutions global head of technology Nick Nadgauda said: “Volante’s payments processing solutions are already an integral part of our payments and transaction banking platforms.

“Using this technology will allow us to simplify the complexity of mandatory ISO 20022 migrations across the many markets in which we operate.”

Citi Ventures, the venture capital arm of Citigroup, is an investor in Volante Technologies.