Raiffeisen Bank International (RBI) has implemented ION’s new ISO 20022 solution to help it meet the new TARGET2 and SWIFT CBPR+ ISO 20022 initiatives.
Led by a joint central bank and SWIFT effort to standardise financial transactions, ISO 20022 is designed to modernise cross-border payments and enabling richer and more structured granular data in payment messages.
Harald Müller, head of group capital markets at RBI, said: “As ISO 20022 moves closer to becoming the de facto messaging format for cross-border payments, we recognised the need to prepare for the migration as soon as possible.”
Eugene Markman, chief operating officer of ION FX, said: “Our ISO 20022 solution will help RBI and other clients meet the new requirements, realise additional settlement opportunities and pave the way for a more standardised, efficient payments landscape.”
ISO 20022 permits banks to process, screen, and validate more efficiently against sanctions lists to combat fraud effectively and offers improved KYC analytics, less manual intervention, and a reduction of risks and costs.
Equipped with ION’s ISO 20022 technical messaging system, RBI can now process settlement requests both from ION’s existing WSS FX and other back-office applications across the bank.
The ION solution natively supports the required ISO 20022 message formats and removes the time-consuming translation process, allowing for the faster management of payments end-to-end and ensuring RBI’s cross-border transactions comply with the new standard.
©Markets Media Europe 2023
