Citibank Upgrades Securities Processing Systems as Industry Transitions to New Global Messaging Platform.Business Editors NEW YORK--(BUSINESS WIRE)--Nov. 15, 2001 Citibank Worldwide Securities Services (WWSS WWSS Worldwide Satellite Systems (US DoD contract vehicle) WWSS Warfare and Warfare Support System ), a unit of Citigroup, Inc., announced today that it has upgraded and tested its securities processing systems to receive and deliver the new S.W.I.F.T. messaging standard, ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 15022, when the industry-wide migration begins on November 18, 2001. Financial messaging standards allow transactions to be exchanged anywhere in the world using one consistent platform. "Citibank has a comprehensive program in place to help clients implement and migrate to the new standard, which will lead to a systematic and successful transition over the next year," said Anna Hannon, vice president, S.W.I.F.T Management, Citibank Worldwide Securities Services. Hannon said Citibank upgraded its underlying processing systems to provide all of the benefits enabled by ISO 15022, an approach that differs from many in the industry who opted for a middleware engine to map the old formats into the new formats without the additional data and underlying functionality. The upgrade from the current S.W.I.F.T. standard to 15022 will accommodate the increased level of transaction and information sophistication so·phis·ti·cate v. so·phis·ti·cat·ed, so·phis·ti·cat·ing, so·phis·ti·cates v.tr. 1. To cause to become less natural, especially to make less naive and more worldly. 2. required now by custodians, investment managers and broker/dealers. ISO 15022 will better support straight through processing In financial technology, the ability to process a stock transaction by computer from beginning to end without manual intervention at any of the stages. (STP STP or standard temperature and pressure, standard conditions for measurement of the properties of matter. The standard temperature is the freezing point of pure water, 0°C; or 273.15°K;. ) and streamline message transmission and delivery between interested parties. Hannon said Citibank tested the new 15022 messages with a broad cross section of clients including custodians, investment managers and broker/dealers, which allowed the bank to test a variety of scenarios based on transaction volumes and the complexity of the relationships shared. Test results are posted on the Citibank customer 15022 web site (www.citibank.com/corpbank/wwss/swift), identifying issues encountered and STP achieved. Citibank will support the old ISO messages as long as required by clients, up to the mandatory industry conversion in November 2002. Citibank urges all clients to contact their account managers to schedule implementations for migration to 15022. For the most up-to-date information on how Citibank's WWSS is managing the 15022 migration, please visit our Web site at www.citibank.com/corpbank/wwss/swift. S.W.I.F.T is an industry-owned cooperative established to enable the secure transmission of financial transactions to authorized members in a common format regardless of local language or customs thereby improving STP rates, reducing costs and risks. Citibank has worked closely with S.W.I.F.T. throughout the transition period by participating in and chairing working groups, validation groups, best market practices groups, and customer roundtables. Citibank Worldwide Securities Services (WWSS) serves global issuers, investors and intermediaries through the industry's largest proprietary network, spanning 50 countries. It currently provides securities services to more than 2,500 customers worldwide and has $4.5 trillion in assets under custody. WWSS is the industry's premier custodian bailee (custodian) n. a person with whom some article is left, usually pursuant to a contract (called a "contract of bailment"), who is responsible for the safe return of the article to the owner when the contract is fulfilled. of cross-border assets, top-ranked global clearer, and recognized leader in depositary receipt depositary receipt A negotiable certificate that represents a company's publicly traded debt or equity. Depositary receipts are created when a company's shares or bonds are delivered to a depositary's custodian bank, which instructs the depositary to issue services and agency and trust services. The local presence of WWSS, supported globally by Regional Service Centers, ensures clients of consistent transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. worldwide, proprietary control of clearing cycles and reduced risk in all cross-border securities transactions. Citigroup (NYSE NYSE See: New York Stock Exchange : C), the preeminent global financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. company with some 190 million customer accounts in more than 100 countries, provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney Smith Barney is a division of Citigroup Global Capital Markets Inc., a global, full-service financial firm, that provides brokerage, investment banking and asset management services to corporations, governments and individuals around the world. , Banamex, and Travelers. Additional information may be found at: www.citigroup.com. |
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