Citi Reaches Significant Milestone in Adoption of ISO 20022 XML Messaging

  Citi Reaches Significant Milestone in Adoption of ISO 20022 XML Messaging

Business Wire

NEW YORK -- February 6, 2013

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

“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

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.

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.

About Citi:

Citi, the leading global bank, 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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New York:
Nina Das, +1 212-816-9267
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