Raiffeisen Bank International Powers its ISO 20022 Adoption with ION’s Messaging Solution

July 22, 2023
by

Key Takeaways:

  1. Raiffeisen Bank International (RBI) has successfully implemented ION’s new ISO 20022 messaging solution to adhere to the new TARGET2 and SWIFT CBPR+ ISO 20022 standards.
  2. ION’s solution empowers RBI to process settlement requests from ION’s Wallstreet FX (WSS FX) and other back-office applications.
  3. The ISO 20022 standard will modernize cross-border payments, enabling banks to process, screen, and validate transactions more efficiently and effectively.
  4. The ION solution provides access to TARGET2 and SWIFT CBPR+ libraries, removing the time-consuming translation process and enabling better management of end-to-end payments.
  5. This new initiative marks an evolution in the long-standing partnership between RBI and ION, with both parties working towards more efficient, standardized payment processing.

A New Era for Cross-Border Payments: The ISO 20022 Migration

As the financial world continually evolves, the need for standardization in banking and finance has never been more critical. ISO 20022, a modern standard for electronic data interchange between financial institutions, has taken center stage in this evolution. It ensures richer, more structured, and granular data in payment messages, helping banks combat fraud and reduce costs.

Steering this change in the European financial landscape is ION, a leader in technology for capital markets, commodities, and treasury management. It has devised a technical messaging system, easing users through the transition to ISO 20022, the de facto messaging format for cross-border payments.

ION’s Role in RBI’s ISO 20022 Strategy

ION and RBI share a long-standing relationship, with RBI leveraging ION’s Wallstreet FX (WSS FX) solution for managing FX and Money Market risk and front-to-back high STP trade processing since 2003. The bond has grown stronger with RBI implementing ION’s new ISO 20022 messaging solution, an instrumental tool in RBI’s ISO 20022 adoption strategy.

Harald Müller, Head of Group Capital Markets at RBI, said, “At RBI we prioritize 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 recognized the need to prepare for the migration as soon as possible.” He expressed delight over the implementation of ION’s new ISO 20022 messaging system solution.

Driving Change and Innovation

ION’s ISO 20022 solution provides a unique advantage as it natively supports the required ISO 20022 message formats. The solution provides access to TARGET2 and SWIFT CBPR+ libraries, eliminating the time-consuming translation process. This development ensures smoother and faster management of end-to-end payments, enabling RBI to meet new compliance standards while providing a more efficient payments experience for their clients.

Eugene Markman, COO of ION FX, stressed the challenges of the new messaging format, but also emphasized the solution’s capability to help RBI and other clients meet the new requirements. “Designed to address these concerns, our ISO 20022 solution will help RBI and other clients meet the new requirements, realize additional settlement opportunities, and pave the way for a more standardized, efficient payments landscape.”

About Raiffeisen Bank International

Raiffeisen Bank International AG (RBI) is a leading corporate and investment bank in Austria and Central and Eastern Europe. It offers various financial services including leasing, asset management, and M&A and operates representative offices at selected Asian and Western European locations to support its business activities.

About ION

ION is a global provider of trading, workflow automation software, high-value analytics, insights, and strategic consulting to financial institutions, central banks, governments, and corporates. It simplifies complex processes, boosts efficiency, and empowers clients to make better decisions. Its commitment to continuous innovation fosters long-term partnerships, transforming businesses for sustained success.

About ION Markets

ION Markets offers transformative technology and solutions to financial institutions dealing in asset management, cleared derivatives, equities, fixed income, foreign exchange, and secured funding. Its award-winning end-to-end solutions automate the entire trade lifecycle, provide risk management tools, and maximize access to liquidity, facilitating real-time access to vital information for timely operational decisions and global execution.

For more information, visit https://iongroup.com/markets/.

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