What is RosettaNet?
RosettaNet, founded in 1998, is a group through which supply chain activity standards are being established for the electronic components, information technology and telecommunications industries. There are over 500 member companies with $1-trillion in annual revenues. They are driving supply chain automation within their industries and already have significant traction in the automation of the non-bank portion of the supply chain. The Payment Milestone Program focuses on bringing both STP for reconciliation and payment through the use of SWIFT’s new XML formats. Citibank is supporting this program. Citibank has started support of the RosettaNet companies by providing the new SWIFT advice for credits. We will offer the debit version of the advice in early 2004. The introduction of the initiation standards is being planned around client need. Participants in the RosettaNet program use SWIFT formats but do not need to use SWIFTNet.
