Citigroup Announces New Series of Enhancements to CitiDirect® Online Banking
Award-Winning, Web-Based Corporate Banking Platform Expands Language Capability, Functionality and Usability
November 8, 2004, New York
— Citigroup Global Transaction Services, a unit of Citigroup,
(NYSE:C), and a leader in transaction processing, announced a series
of enhancements to CitiDirect® Online Banking, its
flagship Web-based corporate banking and information delivery platform.
With the latest upgrade, CitiDirect is now available in Italian,
bringing to 22 the number of languages in which users can view details,
execute transactions, produce reports and perform inquiries related
to corporate banking in 90 countries.
Corporate clients and financial institutions use CitiDirect®
Online Banking to initiate payments, receive information and better
manage their working capital by centralizing their corporate banking
functions and allowing their users from around the world access
to accounts and critical information in a familiar, Web-based environment.
With access to a wide range of services, including foreign currency
and domestic payment capabilities, full trade services, investments,
collections and more – CitiDirect Online Banking is a truly
comprehensive cash management solution.
“We continually improve CitiDirect to meet the needs of the
hundreds of thousands of users around the world who rely on it to
meet their daily cash management needs,” said Paul Galant,
Global Head of Cash Management for Citigroup Global Transaction
Services. “Only by taking our cues from and working closely
with clients, can we deliver the most advanced, user-friendly platform
and technologies possible to meet the most demanding client needs.”
Sample enhancements include:
- Same-Day Reconcilement for users in Canada
and the U.S. enables clients to perform all of their daily same-day
functions in a streamlined and efficient manner allowing for reduced
internal processing costs and higher productivity.
- Greater Efficiency in Handling Wire Returns with WorldLink,
our Foreign Exchange Payment Service. Funds associated
with returned wire payments can now be reused or converted at
the prevailing foreign exchange rate through WorldLink.
- Regulatory Changes. A number of changes were
made to meet new local and regional regulatory requirements across
Europe and other countries in Eastern Europe and Latin America.
- Enhancements to Reporting Capabilities include
new Canadian lockbox reports such as account summary, account
and box summary, and detail reports. Security managers can now
view both user profile and entitlement in a single report. WorldLink
Funding Detail Report provides information on processed transactions
to assist with funding calculations. And CitiDirect’s comprehensive
reporting enables clients to effectively manage notional pools
and easily reconcile interest and adjustments to interest earned
on pool balances.
- Enhanced Integration Capabilities including SAP availability for WorldLink, incremental connectivity options and upgraded export formats.
In 2004, Global Finance named Citigroup the Best Internet Bank for Corporations and Institutions in the US and in 15 other countries. CitiDirect® Online Banking was also named the Best Corporate/Institutional Integrated Website in North America. Other awards won in 2004 for CitiDirect® Online Banking include awards from Euromoney and Euromoney.com, Global Finance, Treasury and Risk Management and Treasury Management International. CitiDirect also took first place for the second year in a row in an independent study by Greenwich AssociatesSM evaluating the Internet-based cash management applications of ten leading banks in the US.
CitiDirect® Online Banking increases efficiency and improves the ability of corporate treasurers to make critical cash management decisions. It also provides access to the complete portfolio of corporate banking services provided by Citibank all over the world. To view an online demo and take a guided tour of CitiDirect® Online Banking’s capabilities, please visit www.citidirect.com
About Citigroup
Citigroup (NYSE: C), the pre-eminent global financial services company
with some 200 million customer accounts in more than 100 countries,
provides consumers, corporations, governments and institutions with
a broad range of financial products and services, including consumer
banking and credit, corporate and investment banking, insurance,
securities brokerage, and asset management. Major brand names under
Citigroup’s trademark red umbrella include Citibank, CitiFinancial,
Primerica, Salomon Smith Barney, Banamex, and Travelers Life and
Annuity. Additional information may be found at: www.citigroup.com.
About Citigroup Global Transaction Services
Citigroup® Global Transaction Services is a leading
provider of integrated cash management, trade finance, funds and
securities services for corporations, financial institutions, intermediaries
and governments around the world. With over $ 121 billion in average
liability balances, more than $ 7.3 trillion in assets under custody
and the largest proprietary branch network, Citigroup’s award-winning
operating systems and Internet-based delivery channels enable clients
to manage and monitor working capital and investments more efficiently,
streamline transaction processing cycles, and re-engineer receivables
and payment processes. Citigroup® Global Transaction Services
provides clients with access to Citigroup’s full range of
capabilities and solutions along with an on-the-ground presence
and in-depth knowledge of more than 90 local markets. For additional
information, see www.transactionservices.citigroup.com.
