ION Treasury wins at Central Banking’s Payment Services Awards 2023

LONDON – 30 March 2023: ION Treasury, a global provider of treasury and risk management solutions for corporations, financial institutions, and central banks, is pleased to have won the Payment Services Award at Central Banking’s Payment Services Awards 2023. The award recognizes ION Treasury’s work to drive the transition to the ISO 20022 messaging standard in more than 20 central banks.

Real-time gross settlement (RTGS) systems, the backbone of the global financial system, are undergoing a transition in data messaging to ISO 20022 standards. It is thus important that technology partners step up to support central banks, clearinghouses, payment platforms, and financial institutions in the migration of both RTGSs and payment systems in general. ION has done just that, having offered support to a large number of central bank and government agency customers.

The Central Banking Awards acknowledge the key partners who assist public policymakers – such as advisory firms, financial institutions, payment providers, and technology companies. The Payments Services Award is the latest recognition of ION Treasury’s work to lead institutions involved in the Eurosystem’s migration to the ISO 20022 standard in TARGET2, the bloc’s RTGS.

ION Treasury’s advanced technical messaging solution extends testing and interactions between systems, and trains people on new processes and practices. The combination enables a smooth migration, with minimal disruption.

Since 2020, ION Treasury has met with central banks and SWIFT regularly to understand the requirements. This was critical when developing a solution that allows central banks to comply with the new standards and harness its benefits. Building these relationships has evolved the solution to provide libraries for TARGET2, CBPR+, and HVPS+, and allows for the phased replacement of legacy SWIFT messages.

“We are delighted to have won this award, given the fast-approaching deadline for ISO 20022 migration,” said Michael Kolman, Chief Product Officer at ION Treasury. “Our continued close collaboration with clients enables us to create a technical solution that best serves the central banking community’s transition.”

“The Payment Services Award recognizes ION’s ‘customer-for-life’ philosophy,” Kolman continues. “The global migration to new ISO 20022 standards will be a multi-year migration and eventually impact our entire community. We’ve already supported more than 20 central banks and government agencies to prepare for the SWIFT CBPR+ and TARGET2 migrations. With the solution now live, we look forward to supporting the community in a smooth migration to the new standards.”

About Central Banking’s Awards 2023

The Central Banking Awards 2023 recognize excellence in a community that had faced significant policy and operational challenges amid heightened inflationary pressures, rapid technological change and environmental transition. Many institutions have also made significant improvements in their governance, operations, communications, economics, currency, reserves and market infrastructure capabilities. For further information, visit https://centralbanking.com.