Citi Expands Its Electronic Bank Account Management (eBAM) Offering
SUCCESSFULLY COMPLETES TESTING OF ISO XML eBAM MESSAGES TO PROVIDE CLIENTS INCREASED ACCESS TO MANAGE ACCOUNTS
New York, Toronto - September 19, 2011 – Citi announced today that its Treasury and Trade Solutions group has successfully tested the full set of 15 ISO XML eBAM messages. An industry leader in eBAM, Citi has an advanced web based application which utilizes Digital Signatures to replace ‘wet’ signatures in the account management process. The Citi eBAM solution also allows corporations to introduce controls into the process to further reduce risk and errors in account management.
Working closely with SWIFT and other leading banks, Citi was instrumental in driving the creation of ISO XML standard messaging for Bank Account Management. This adoption will provide clients, globally, multiple channels to connect to Citi for management of their accounts with increased efficiency, control and visibility.
SWIFT and Citi as well as other industry partners also worked together to complete the eBAM Central Utility (eCU) Proof of Concept, a collaborative effort among banks, corporates and SWIFT to facilitate the acceleration and adoption of eBAM.
"Citi has remained at the forefront of innovation and are strong partners and thought leaders in driving the industry eCU initiative," says Luc Meurant, Head of Supply Chain, Banking and Corporate Markets, SWIFT.
"We are excited to have reached this milestone," says Hubert J.P. Jolly, Global Head of Channel and Enterprise Services at Citi. "These results, alongside the eBAM Central Utility developments will pave the way for future adoption." Citi continues to improve its eBAM application and extend its global reach; Citi eBAM now has a global footprint spanning 22 countries and three continents.
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 second quarter of 2011, it held on average $365 billion in liability balances and $13.5 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. 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.
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