RBI picks ION’s solution to comply with ISO 20022 standard
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RBI picks ION’s solution to comply with ISO 20022 standard 13 July 2023Austria Reporter: Jenna Lomax
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Raiffeisen Bank International (RBI) has implemented ION’s ISO 20022 solution to help it meet the new TARGET2 and ISO 20022 initiatives.
The solution is designed to ensure RBI’s cross-border transactions comply with the ISO 20022 standard, thereby establishing a smooth transition for both the bank and its clients.
As part of the mandate, RBI will be able to process settlement requests across the bank which can be sent from both ION’s existing Wallstreet FX (WSS FX) solution and other back-office applications.
RBI has used ION’s WSS FX solution since 2003 to manage its FX and money market risk, and for front-to-back high STP trade processing.
Since 2021, ION has also worked closely with RBI on the latter’s ISO 20022 adoption strategy.
ISO 20022 permits banks to process, screen and validate more efficiently against sanctions lists to combat fraud effectively. Further operational benefits include improved know-your-customer analytics, less manual intervention and the reduction of risks and costs.
Harald Müller, head of group capital markets at RBI, says: “At RBI, we prioritise providing our clients with a seamless and efficient banking experience. 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.
“Having used ION’s Wallstreet FX solution since 2003, working together on our ISO 20022 adoption strategy was a natural evolution of this relationship.”
Eugene Markman, chief operations officer at ION FX, comments: “Our ISO 20022 solution will help RBI and other clients meet the requirements, realise additional settlement opportunities, and pave the way for a more standardised, efficient payments landscape.”
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