Citi Launches APIs for Treasury Services
February 28 2017 - 9:00AM
Business Wire
CitiConnect® API provides Payments and Cash
Account Balances in 96 countries
Citi’s Treasury and Trade Solutions (TTS) has launched an
Application Programming Interface (API) solution for payment
initiation, payment status, and account balance inquiries through
CitiConnect®, Citi’s industry leading connectivity platform. 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.
“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,” said Naveed Sultan, Citi's Global Head of Treasury
and Trade Solutions. “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.
“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,” said Derek Rego, Global Head of Electronic Banking
Channels, TTS Technology. “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.
About Citi:
Citi, the leading global bank, has approximately 200 million
customer accounts and does business in more than 160 countries and
jurisdictions. Citi provides consumers, corporations, governments
and institutions with a broad range of financial products and
services, including consumer banking and credit, corporate and
investment banking, securities brokerage, transaction services, and
wealth management.
Additional information may be found at www.citigroup.com |
Twitter: @Citi | YouTube: www.youtube.com/citi | Blog:
http://blog.citigroup.com | Facebook: www.facebook.com/citi |
LinkedIn: www.linkedin.com/company/citi
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version on businesswire.com: http://www.businesswire.com/news/home/20170228005232/en/
Media:CitiNina Das +1-212-816-9267nina.das@citi.com
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