Citi Implements New Corporate-to-Bank SWIFT Standard for Trade
Offering enhances multibanking capabilities for Trade Services Clients
New York, NY - February 13, 2013 – Citi now supports multinational corporate clients in their trade flows using the new Corporate-to-Bank SWIFT Message Type (MT) 798. The MT 798 enables clients to generate trade flow communications with any SWIFT MT798 capable bank. Citi launched this service for corporate clients in the fourth quarter of 2012.
Based on input from corporates, banks and technology vendors, SWIFT facilitated this new message to create greater efficiencies for clients communicating with multiple banks. The new message type allows clients to send a single message which can transmit their trade flow information, eliminating the need for a client to access the proprietary platforms of each SWIFT-enabled bank.
“Use of MT 798 removes the complexity of running multiple platforms for a common purpose,” said Andre Casterman, SWIFT Head of Corporate and Supply Chain Markets. “Both banks and corporates have the freedom to make their own technology decisions and yet can connect with all of their counterparties. This also translates into cost savings and avoids vendor lock-in.”
Citi recognizes that corporate clients will continue to demand multibanking trade platforms. “Trade banks are embracing the move toward shared multibanking platforms,” said Fran Martell, Global Capabilities Product Manager at Citi. “We are listening to our clients as we embrace the MT 798 and evaluate similar solutions for open account and related financing.”
Citi 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 95 countries, Citi Transaction Services supports over 65,000 clients. As of the fourth quarter of 2012, it held on average $428 billion in liability balances and over $13.2 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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