Citi Announces Collaboration Agreement With CGI To Market Hosted Trade Services Processing Technology To Financial Institutions
SIBOS: BOSTON, NEW YORK – Citi today announced that it has signed a collaboration agreement with CGI to jointly market a hosted trade services processing and technology infrastructure to financial institutions worldwide. This collaboration links Citi's global trade finance capabilities with CGI's market-proven Proponix technology platform to provide Citi's financial institution clients with specialized outsourcing services for greatly improved efficiency, productivity, and configurability.
“This collaboration agreement with CGI is another prime example of our market leadership in providing our financial institutions clients around the world with innovative trade services solutions,” says Claudia Slacik, Global Head, Trade Services and Finance, Citi. “Now financial institutions can continue to provide trade services, often a core product offering, to their corporate customers without the significant investment in capital, time and professional staff required to build and maintain their own trade technology infrastructure. This capability is especially important in an ever-changing economic environment marked by eroding margins, increased operational risk and growing market-by-market regulation worldwide.”
Adds Slacik: “CGI is a leading financial services company with a proven track record in the delivery of technology solutions in the trade finance marketplace. CGI's Proponix technology, together with our highly efficient and low-cost processing centers around the globe, enables us to offer superior service and capabilities to our financial institutions clients. In turn, this powerful combination of capabilities allows financial institutions to provide their corporate clients with greatly improved trade processing efficiency across the global supply chain.”
CGI's Proponix technology architecture is designed to support global, 7 by 24 processing, using sophisticated workflow and imaging to efficiently move work from one location to another. Proponix facilitates multi-bank, multi-currency, multi-lingual and multi-time zone processing as well. CGI's technology allows financial institutions to provide a fully branded trade portal to their corporate customers.
“The Proponix solution was designed to support and transform trade processing for financial institutions where international trade is a core business,” says Jame Cofran, Senior Vice-President, Banking & Investments, CGI. “Our collaboration agreement with Citi, one of the world's premier trade services banks, is a validation of the CGI solution and further proof of our commitment to offer strategic IT solutions to the trade finance marketplace. Beyond question, this agreement, uniting the singular strengths of Citi and CGI, delivers a compelling, value-added service to financial institutions around the world.”
Founded in 1976, CGI Group Inc. is one of the largest independent information technology and business process services firms in the world. CGI and its affiliated companies employ approximately 25,500 professionals. CGI provides end-to-end IT and business process services to clients worldwide from offices in Canada, the United States, Europe, Asia Pacific as well as from centers of excellence in North America, Europe and India. CGI's annual revenue run rate stands at $3.7 billion (US$3.5 billion) and at June 30th, 2007, CGI's order backlog was $12.4 billion (US$11.6 billion). CGI shares are listed on the TSX (GIB.A) and the NYSE (GIB) and are included in the S&P/TSX Composite Index as well as the S&P/TSX Capped Information Technology and MidCap Indices. Website: www.cgi.com.
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.