Citigroup Announces Major Enhancements to its Online Real-Time Payment Solutions for Financial Institutions
New offerings include Payment Flow Management Services for European Currencies, Payment Investigation Manager and Online Payment Directory
SIBOS, October, 2006, Sydney, Australia Global Transaction Services, a business of Citigroup Corporate and Investment Banking, announces major enhancements to its suite of online, real-time cash management services that enable financial institutions to track and manage their payments as they move through Citigroup's global payments processing system.
Responding to banks' needs for increased visibility and control over their payments, Citigroup has expanded its flagship Payment Flow Manager service for U.S. dollar payments and now offers the same service for European currencies. It also introduced several new tools that make it easier for banks to structure and manage their payments, including an online payment directory and real-time payment investigations capabilities.
"In the cross-border payments environment we seek to make it as easy as possible for banks to conduct transactions with us and to process their payments efficiently, " said Bharat Sarpeshkar, Managing Director and Head of Global Payments for Citigroup. "Their success, and ours, depends on giving them unprecedented transparency into their payments as they move through our systems and the power to access the intra-day information about their payments that is key to managing their liquidity and their customer relationships."
Citigroup provides single sign-on access to its payment flow management services with investigation capabilities through its proprietary CitiDirect� Online Banking platform and SWIFTNet Browse interface. In the first comprehensive solution of its kind, Citigroup gives banks who use its U.S. dollar and Euro payment services the ability to track and manage their payments in real-time throughout the complete transaction life cycle, from initiation to processing to investigations and inquiries.
The latest enhancements include:
- Payment Flow Manager for European Currencies: Building on the success of Payment Flow Manager for U.S. dollar transactions, which broke new ground when it was launched last year and is now used by a large number of institutions worldwide, Citigroup now provides a similar service for European currency accounts.
The Web-based tools that comprise Payment Flow Manager allow institutions to monitor their payments and balances in real-time, prioritize their payments, and review and measure performance and create custom reports.
- Payment Investigation Manager: Making it easier and less costly to conduct investigations, without additional infrastructure investment on their end, banks can initiate, track, search and view payment investigations, as well as audit trails and underlying transactions. They can also cancel or amend transactions and provide comments to help resolve investigations more efficiently.
- Online Payment Directory: To help users format payment instructions, Citigroup has integrated into its offering an online directory of all banks, worldwide, that participate in the U.S. dollar or other clearing systems plus details on their correspondent banks and settlement instructions.
"By integrating our new Payment Investigations and Online Payment Directory components with our popular Payment Flow Manager offering, we have created a truly comprehensive solution that makes it easier for our clients to manage their payments business," said Eileen Dignen, Head of Payments for Banks.
"These latest offerings are a perfect example of how Citigroup is leveraging its state-of-the-art infrastructure to provide its clients with the tools and real-time information they need to remain competitive in an increasingly complex operating environment," said Puneet Singhvi, Head of Product Management for Global Clearing.
Citigroup (NYSE: C), the leading 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, securities brokerage, and wealth management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney and Banamex. Additional information may be found at www.citigroup.com
Citigroup Corporate and Investment Banking
Our Corporate and Investment Banking group achieves the extraordinary for our clients around the world. No financial institution is more committed to understanding and advancing the goals of its clients – our diverse and talented staff in some 100 countries advises companies, governments, and institutional investors on the best way to realize their strategic objectives. We create solutions for and provide the broadest possible capital and market access to thousands of issuer and investor clients, and no institution better executes the increasingly complex payment and cash management solutions required in today's global economy. Core business lines under Citigroup Corporate and Investment Banking include Global Capital Markets, Global Banking and Global Transaction Services.