Citigroup unveils Multibanking and Trade Transactions on its CitiDirect Internet Banking Platform in the MENA Region
Innovative Banking Solutions targeting Corporate and Institutional Customers
Dubai, 13 December 2004 – Citigroup today unveiled Multibanking and Trade Transactions, two innovative electronic banking solutions for use by corporate and institutional customers in the Middle East and North Africa (MENA) region. The launch took place during a customer event held in Dubai, which featured the bank’s top institutional customers along with Citigroup’s CEO for Global Transactoion Services in Europe, Middle East and Africa, Mr. Francesco Vanni d’Archirafi, and Citigroup Country Officer- UAE, Mr. Sajjad Razvi.
Multiple Banking is a revolutionary product that allows clients to interface with one bank as a front end, while managing accounts across various banks in the region and globally. Clients can now rely on Citigroup to collate information across banks and provide a consolidated picture of its financials and also give them the flexibility to effect funds transfers through a single delivery mechanism. CitiDirect Trade, on the other hand, is a state of the art offering, which allows online issuance of Letters of Credits, Guarantees and Acceptances. It does away with physical paper based transaction initiation and allows clients to directly link up with the bank for all trade requirements.
“Multibanking and Trade Transactions are aimed at supporting CFOs and Treasurers at various corporates and financial institutions and providing them not only with a wealth of data at their fingertips irrespective of the banks with whom they deal with, but also facilitate funds transfers through a single electronic banking platform” said Francesco Vanni D’Archirafi. “ These new solutions further reinforce CitiDirect’s position as a dynamic tool and information delivery platform and the top choice for corporate customers in initiating cash and trade transactions online and in real time.”
"The roll out of these state-of-the-art solutions underscores Citigroup’s commitment to our clients in the region and our vision to be a one-stop provider of customized services" said Sajjad Razvi. "Global Transaction Services is a core business within the bank and we will continue to focus on innovation & client satisfaction."
Available in 22 languages, CitiDirect has been recognized universally as one of the most powerful real time online Internet-based packages in the global banking industry serving as an interface for transaction initiations and product enquiries. Citigroup has been at the forefront of developing Internet-based delivery capabilities for both retail customers (Citibank Online) and corporate clients (CitiDirect) in the UAE, in addition to other B2B e-commerce initiatives that provide clients with full procurement solutions.
Citigroup has the largest proprietary network in the world, spanning over 100 countries, and a correspondent bank network of over 3,000 correspondent banks. With flexible delivery options and the ability to handle global payment and clearing needs, Citigroup has emerged as the financial institution partner of choice. It constantly provides innovative solutions and services to address the requirements of top Financial Institutions in the Middle East.
About Citigroup
Citigroup (NYSE: C), the preeminent global financial services company
has some 200 million customer accounts and does business in more
than 100 countries, providing 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, Smith Barney, Banamex, and Travelers
Life and Annuity. Additional information may be found at www.citigroup.com.
About Citigroup Global Transaction Services
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
