ISO 20022: DZ BANK launches platform for high-value and cross-border payments
Germany's leading cooperative financial institution has been relying on the payments platform of Hamburg-based PPI AG for its correspondent banking since the deadline for the ECB's TARGET2/T2S consolidation and the SWIFT ISO 20022 migration.(PresseBox) (Hamburg, )
DZ BANK is one of the first institutions to already fully implement the new standard. "ISO 20022 is the future universal language in payments", says Matthias Ehringer, Head of Payments & Accounts at DZ BANK. "We wanted our member and correspondent banks to quickly reap the benefits of the ISO 20022 standard for high-value and cross-border payments, so we pushed the pace."
Financial institutions that have migrated to ISO 20022 can transmit more detailed data in higher quality in a payment than with the previous formats. This makes it easier to reconcile accounts and plan better with the funds available. Both aspects also benefit corporate clients who regularly move large sums of money and are therefore looking for a partner who centrally processes global payments. "ISO 20022 will significantly increase the efficiency in the payments sector", explains Dr Thorsten Völkel, chairman of PPI AG’s Board of Directors and responsible for the payments division.
TRAVIC-Payment Hub developed by PPI natively supports ISO 20022 and can handle both the formats to be replaced, TARGET2 and EBA EURO1, and the standards used by SWIFT for cross-border payments until 2025. This means that institutions affiliated with DZ BANK remain independent of the message formats applicable in each case throughout the entire period, before, during and after the transition period.