Citi Attains Swift Bank Readiness Certification
Global Transaction Services certified to offer corporates convenient access to bank network communication via SWIFT in 90 countries
New York - April 4, 2011 – Citi today announced that its Global Transaction Services division has earned Bank Readiness Certification from SWIFT. Having achieved certified status on SWIFT’s online database, Citi has demonstrated its ability to support the communication needs of corporate customers around the world through its extensive SWIFT Corporate Access Connectivity footprint available in 90 countries.
"As a major supporter of SWIFT and a leading provider of SWIFT Corporate Access to customers around the world, Citi is delighted to have earned this designation of readiness," said Michael Knorr, Global Head of Connectivity Services & Capabilities with Citi’s Global Transaction Services. "Because of our vast global footprint, Citi is able to bring bank network connectivity to more customers in more countries, making the advantages of SWIFT more accessible."
The SWIFT Bank Readiness Certification program offers corporates insight so they can fully evaluate and realize the benefits of SWIFT capabilities. The SWIFT model provides corporates the opportunity to standardize and optimize their banking connectivity architecture through multi-bank corporate connectivity. By moving towards a single, global open standard such as SWIFT, corporates will be able to recognize a host of benefits including cost efficiencies, improved controls, effective risk management and increased global visibility on funds.
Citi’s SWIFT solutions utilize an automated and centralized approach, which allows the bank to leverage its extensive global branch network through a single BIC (Business Identifier Code) connection. Citi has long supported SWIFT Corporate Access through participation on the Corporate Advisory Board and by promoting the development of communication standards such as the ISO20022 XML format for financial corporate-to-bank messaging.
Global Transaction Services, a division of Citi’s Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 100 countries, Citigroup’s Global Transaction Services supports over 65,000 clients. As of the fourth quarter of 2010, it held on average $353 billion in liability balances and $12.6 trillion in assets under custody.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Through Citicorp and Citi Holdings, 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 or www.citi.com.