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Citi introduces API solution for treasury services

Published 01 March 2017

Citi’s Treasury and Trade Solutions (TTS) has introduced an application programming interface (API) solution for inquiries on payment initiation, payment status, and account balance via its connectivity platform CitiConnect.

The CitiConnect API allows Citi’s treasury services clients to directly connect with Citi to access services using their own Treasury Workstations or Enterprise Resource Platform (ERP) providing convenience, potential cost savings, and reduced risk. Citi supports API based integration across 96 countries, representing one of the largest API-supported geographies.

Citi Treasury and Trade Solutions global head Naveed Sultan said: “API based integration is one of the biggest topics across the industry. And with CitiConnect API TTS offers the right solution on a global scale. This new, innovative offering provides Citi’s clients ultimate flexibility and choice of how, where and when they want to access Citi’s network using their existing treasury applications.

“API technology allows Citi to offer a variety of services in a dramatically different way, and over time will also offer additional functionality including service inquiries, account management, and liquidity services.”

Evolving client needs now require fully automated solutions to process transactions directly from the client’s own treasury platform to their banking partners’, without having to rely solely on banking portals that often require proprietary builds, applications or interfaces.

With the CitiConnect API, there is no need for additional providers or services, as API functionality empowers end-users to manage their transaction banking activity directly from their own trusted applications.

Citi has worked with a core group of clients to pilot the API service, which they have integrated into their treasury processes to deliver payments real time to Citi, and collect information on the status of their payments.

TTS Technology electronic banking channels global head Derek Rego said: “There’s a lot of pressure from clients on banks to quickly adapt to the demand for improved digital experiences or be at risk of becoming irrelevant. Our CitiConnect API solution provides a strong foundation for our clients looking to embrace e-commerce initiatives.

“Across every industry, APIs are proving to have significant business impact. At Citi we believe it can help our clients quickly build modern, cross-functional banking applications.”

CitiConnect API provides an ‘on-demand’ service that connects to Citi directly from a client’s Treasury Management or ERP system. The result is a seamless experience that has the potential to offer cost efficiencies and reduced operational risk.

APIs make it simpler for Citi’s institutional clients to develop interfaces to Citi to access and manage their accounts allowing for Citi to offer a variety of transaction services in a dramatically different way. Following this initial launch, Citi expects to continue to develop additional API services for transaction banking including service inquiries, account management, and liquidity services.

CitiConnect is Citi’s industry leading connectivity platform, and is part of the omni-channel digital banking product suite that also includes CitiDirect BE, CitiDirect BE Mobile and CitiDirect BE Tablet.

Citi Treasury and Trade Solutions (TTS) enables our clients' success by providing an integrated suite of innovative and tailored cash management and trade finance services to multinational corporations, financial institutions and public sector organizations across the globe.

Based on the foundation of the industry's largest proprietary network with banking licenses in over 90 countries and globally integrated technology platforms, TTS continues to lead the way in offering the industry's most comprehensive range of digitally enabled treasury, trade and liquidity management solutions.



Source: Company Press Release

Retail Banking News