2079325 ISO 20022 Citi Mini Series and Reference Guide Part

1 | Treasury and Trade Solutions Scope of Citi Mini Series & Reference Guide Part 4 In this Mini-Series, we will cover the benefits of migrating to ISO 20022 for Corporates. For more information on ISO 20022, please reference Citi’s material here . Overview The cross-border payments ecosystem is in the midst of a major transformation. Legacy standards, infrastructure and operating models are being challenged as client’s expectations rise and vastly improved technologies undermine the status quo. The Financial Stability Board (FSB) is working to fulfil its vision of faster, cheaper, more transparent and inclusive payments. The transition to using ISO 20022 will help Corporates make faster payments, streamline account management inquiries, improve their enterprise resource planning (ERP) or treasury management system (TMS), improve their own static data, increase straight-through processing, and much more. In the past, the unstructured nature of data in an MT message has contributed to confusion, data truncation, delayed processes, and overall losses in efficiency. The new MX message formatting is designed to mitigate these pain points, specifically in areas of: • Account Reconciliation • On-behalf-of Payments • Remittance Information • Cross border payments