ISO 20022: DZ BANK launches platform for high-value and cross-border payments
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.
PPI AG specialises in software products and consulting in payments and is the market leader for payments solutions. PPI’s product suite offers the complete payments process chain for banks by a single-source provider – from the customer-to-bank communication through core processing of payments up to interbank communication. The consulting portfolio includes both strategic and bank-technical consulting as well as IT consulting relating to payments. PPI advises its customers on topics such as regulation, instant payments, SEPA, high-value and cross-border, mass and card-based payments. As a steadily growing, family-owned stock company, PPI AG and its over 800 employees are entirely focussed on our customers‘ success – with more than 300 employees in the field of payments. More information at <a href="https://www.ppi.de/en/payments">www.ppi.de/en/payments</a>. <br><br>
<b>DZ BANK</b><br>
DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, is majority-owned by those who work directly with it – the more than 700 cooperative banks in Germany. As a central bank and central institution, its mandate is to support the business of the many independent cooperative banks in the regions and to strengthen their competitive position. The combination of local customer knowledge and central product expertise has proven to be highly effective. With more than 8.4 billion transactions in 2022, DZ BANK is the largest SEPA processor in Europe.
PPI AG
Moorfuhrtweg 13
22301 Hamburg
Telefon: +49 (40) 227433-0
Telefax: +49 (40) 227433-1333
http://www.ppi.de
Head of Communication Payments
E-Mail: geerd.lukassen@ppi.de
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