Successful migration of Rietumu Banka TARGET2 system to the new standard – ISO 20022

Successful migration of Rietumu Banka TARGET2 system to the new standard  – ISO 20022
December 15, 2023 | By Geniusto

Geniusto, a leading technology solutions provider in the financial industry, is pleased to announce the successful completion of migration of Rietumu Banka TARGET2 system to the new ISO 20022 standard. Now Rietumu Banka stands fully prepared to meet all the mandatory regulatory requirements and remain at the forefront of the financial sector’s evolving landscape.

The adoption of the ISO 20022 standard represents a fundamental shift in the way financial institutions communicate and exchange data. As the global financial industry continues to evolve and embrace digital technologies, the need for a more standardised and comprehensive messaging system has become imperative. 

ISO 20022 offers a unified, globally accepted framework for the exchange of financial information, ensuring greater consistency, efficiency, and interoperability across the entire financial ecosystem. 

Compliance with the ISO 20022 standard ensures that Rietumu Banka can efficiently handle the increased volume and complexity of cross-border transactions, while also meeting regulatory obligations related to payment standards and data security.

Quote from Mihails Birzgals, Member of the Board of Rietumu Banka:

“As one of the largest private banks in the Baltics, we are committed to meet the latest financial regulatory requirements. With the support of Geniusto, we are now able to offer faster, more efficient payment services that meet the latest industry standards.”

Quote from Andrei Pavlov, Director & CTO of Geniusto:

“At Geniusto, we are proud to have a successful and longstanding partnership with Rietumu Banka spanning over two decades. Our collaboration is built on a foundation of trust, reliability, and exceptional service, and we are dedicated to delivering unparalleled customer experiences through our digital banking and payment solutions. The recent provided for Rietumu Bank migration of Target2 system to the ISO20022 standard is a testament to the quality and effectiveness of our services, and we look forward to continuing our partnership to enable Rietumu Banka to provide innovative financial services to their customers in Europe and beyond that while meeting all regulatory requirements.”

About Rietumu Banka:

Rietumu Banka is one of the largest private banks in the Baltics and the largest local capital bank in Latvia, with a strong reputation for providing high-quality financial services to businesses and private individuals. The bank’s headquarters, Rietumu Capital Centre, is located in Riga, Latvia.

About Geniusto: 

Geniusto is a technology enabler for banks, payment providers, Remittance Companies, and eMoney issuers on an international scale. Headquartered out of Australia; Geniusto’s digital banking and payment solutions are relied on by regulated institutions in a dozen countries across Europe and the UK, Southeast Asia, and the North America. The company’s objective is to empower financial institutions with elegant and efficient solutions so that they can deliver an uncompromising customer experience.

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