ISO 2002 XML
Citi has been proactively engaged in the definition and evolution of this new global financial messaging standard. Citi was one of just 10 banks invited to participate in the initial XML standardization meeting back in 2003, which laid a very strong foundation in terms of the level of collaboration across the key stakeholders – the banks, software vendors, standards bodies and of course, the corporate community. The primary objective – to achieve a single payment standard that could be used globally by any corporate, irrespective of size and sector and by any servicing bank regardless of location.
Whilst some people within the industry consider XML as just another file format, like PAYMUL and IDOC, Citi firmly believes that with the right implementation approach, it actually offers so much more. Our experience shows that XML is a great enabler towards achieving greater operational and financial efficiencies. Effectively a way of achieving a more strategic, low cost, low maintenance cash management environment.
ISO 2002 XML – live messages
- Payment initiation (pain.001.001.02)
- Direct debit (pain.008.001.01)
- Status messages (pain.002.001.02)
- Intraday bank statement (camt.052.001.01)
- Previous day bank statement (camt.053.001.01)
- Credit and debit advices (camt.054.001.01)
Citi has been a member of the CGI (and its predecessor the CSTP (Corporate Straight Through Processing) since its inception.
Through our participation in the CGI, Citi seeks to ensure optimal alignment and uniformity of message definitions and implementation best practices with other CGI banks.