<p>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.</p><p>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 by SWIFT.</p><p>"P&amp;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 &amp; Banking Services at Procter &amp; 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."</p><p>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.</p><p><a href="http://www.finextra.com/News/Announcement.aspx?pressreleaseid=48388">Keep reading...</a></p>