Citi Wins 2012 Celent Model Bank Award
Citi Commercial Cards Recognized for Excellence in Infrastructure and Architecture
New York, NY - June 13, 2012 – Citi Commercial Cards has won the 2012 Celent Model Bank award for excellence in infrastructure and architecture. The award recognizes Citi Commercial Cards’ business strategy to deploy a standardized core processing system across all regions to provide global products and services.
The award, which seeks to answer the question "What would it look like for a bank to do everything right with today’s technology?" is awarded annually as recognition of a bank’s effective use of technology to improve performance and meet market demands.
Citi Commercial Cards’ single, unified processing platform aims to drive a consistent experience for cardholders and program administrators regardless of the country in which they are based. As Citi’s clients continue to expand internationally, this proprietary operating environment offers a unified global platform that facilitates truly global card programs.
"Our clients have operations throughout the world" said Naveed Sultan, Citi’s Global Head of Treasury and Trade Solutions. "It is our goal to provide the consistency of experience that they require in order to more efficiently manage their businesses. The standardized platform strategy of our Commercial cards business is another enabler of our aspiration to be the world’s digital bank."
"Innovation leveraging technology is a core part of our culture and we are extremely pleased to have been recognized as a Celent Model Bank," added Manish Kohli, Global Head of Citi Commercial Cards. "Our platform migration strategy has been a complex, substantial undertaking and our continued roll-out exemplifies Citi’s ongoing commitment to innovation, standardization of client experience, and our focus on meeting our clients’ needs as they expand their Commercial Cards programs globally."
Every new commercial card country expansion leverages the same proprietary infrastructure, providing a sophisticated yet configurable solution into all new territories. Citi has rapidly expanded its geographic footprint and now offers local currency issuing capability in 65 countries around the globe. New launches over the past two years include:
- New Zealand
- South Africa
- United Arab Emirates
The pace of implementation of Citi Commercial Cards’ unified platform strategy has continued to gather speed and plans for further expansion are in the advanced stages of execution.
"Celent is pleased to present this award to Citi Commercial Cards," said Bob Meara, Senior Analyst with Celent’s Banking Group. "Among the many excellent nominations this year, Citi’s globally unified processing platform exemplified a best practice."
Citi Commercial Cards, with proprietary issuance capabilities in 100 countries including local-currency programs in 65 countries, has long been considered a leading commercial card provider to large and multi-national organizations globally. Citi Commercial Cards’ products form the core of the expense management strategies for nearly 500 multinational corporations, making Citi a premier card issuer in terms of technology, innovation and volume. For more information regarding any of Citi’s innovative global solutions, please visit www.citimanager.com.
Citi Transaction Services, a division of Citi’s Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 95 countries, Citi Transaction Services supports over 65,000 clients. As of the first quarter of 2012, it held on average $377 billion in liability balances and $13 trillion in assets under custody.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides 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, transaction services, and wealth management.
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