Citi and Morgan Stanley Successfully Pilot SWIFTNet Real-time Cash Reporting

SIBOS: BOSTON, NEW YORK – Citi Markets & Banking and Morgan Stanley today announced that they have successfully completed a pilot of SWIFTNet Real-time Cash Reporting which improves operational efficiency and helps reduce risk.

The SWIFTNet Real-time Cash Reporting initiative enables banks and their customers to improve operational efficiencies and reduce operational risk by providing immediacy and transparency throughout the transaction lifecycle. With real-time information, users can obtain balance and transaction information at any stage of the lifecycle instead of waiting until end-of-day. Reconciliation therefore, can be performed throughout the day, allowing users to detect errors early in the process, before they become exceptions. Firms can then take action to avoid settlement failures and the associated risk and costs. Real-time balance information enables users to understand their positions intra-day, improving liquidity by helping them to make better funding decisions and proactively manage credit risk.

“Understanding the ebbs and flows of data through the organization, and as a result, better managing positions, helps us to achieve increased efficiency within our institution,” commented Keith Berrett, Executive Director at Morgan Stanley.

“Banks are continually challenged to produce new products and services and real-time cash reporting is a growing requirement among clients searching for a service provider,” commented Eileen Dignen, Managing Director and Head of Global Payments for Financial Institutions at Citi's Global Transaction Services.

Citi and Morgan Stanley have successfully completed pilot testing of the Real-time Cash Reporting messages using production data in a test environment and measuring any difference in the outcome. The successful completion of this pilot enables both organizations to now move forward in utilizing this capability and delivering further improvements in their business processes.

Citi offers full support for SWIFTNet Real-time Cash Reporting messages in its Global Clearing Solutions that encompass U.S. Dollar, Euro, Yen, Pound Sterling, and Swiss Franc currencies. Clearing for all currencies is offered on a single, globally consistent platform with full transparency into the transaction lifecycle, including the ability to monitor and prioritize payments and initiate and track investigations.

Trademark Information: Citi and Citibank are trademarks or registered trademarks of Citibank N.A. or its subsidiaries in the U.S. and other countries. All other trade names are trademarks or registered trademarks of their respective holders.

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About Citi
Citi Markets & Banking is the most complete financial partner to corporations, financial institutions, institutional investors and governments in the world. As a global leader in banking, capital markets, and transaction services, with a presence in many countries dating back more than 100 years, Citi enables clients to achieve their strategic financial objectives by providing them with cutting-edge ideas, best-in-class products and solutions, and unparalleled access to capital and liquidity.

Citi, 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 the trademark red arc include: Citibank, CitiFinancial, Primerica, Citi Smith Barney and Banamex. Additional information may be found at www.citigroup.com or www.citi.com.