Citi’s Mobile Enablement Strategy Achieves Milestone: CitiDirect BESM Mobile Exceeds $10 Billion in Total Transaction Value Processed
New York, London - September 25, 2012 – Citi has achieved a milestone in its strategic plan to provide mobile enablement of its key client platforms. The CitiDirect BESM Mobile service developed by the Citi Transaction Services unit has surpassed over $10 billion in total transaction value, across 86 countries, since its launch one year ago.
This accomplishment validates several key elements of Citi’s stated commitment to become the world’s digital bank and to develop a full digitally enabled tool set for its clients. Namely, that investing in and co-developing with innovation labs and technology teams support the goal to stay ahead of the technology curve and enhance speed-to-market. And, keeping pace with evolving trends and client needs enables the delivery of innovative, value-added solutions that clients want and adopt.
“We are extremely pleased that clients have endorsed CitiDirect BE Mobile in such a short amount of time. At such performance levels as this, we have more than reached our goals. From CitiDirect BE Mobile, we have learned that when you provide clients with innovative solutions that meet their changing needs, accelerated client adoption and commercialization are very achievable,” said Naveed Sultan, Global Head of Treasury and Trade Solutions at Citi.
Developed by the Citi Innovation Lab Dublin in conjunction with the CitiDirect technology team, CitiDirect BE Mobile allows clients to access core transaction functionality available with CitiDirect Online Banking using their mobile phones and tablets, including:
- Receive alerts and create, authorize, release and delete batch payments for end-to-end processing
- Check account balances and transaction status providing for added convenience
- Authorize imported file transactions
- Optimize usability of their mobile phones with an enhanced user interface design
Since commercializing the application, CitiDirect BE Mobile has been recognized by the industry as an innovative solution for clients and has received the Overall Most Innovative 2012 Monarch Innovation Award presented by Barlow Research Associates, Inc. and the Innovation in Cash & Treasury Technology Award presented by The Banker magazine.
CitiDirect BE Mobile, one of the most global mobile banking solutions, is currently available in 12 languages worldwide including 400,000 users representing over 60,000 clients. CitiDirect BE Mobile will continue to be rolled-out globally to facilitate mobile access to other Transaction Services solutions and businesses.
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’s Transaction Services supports over 65,000 clients. As of the second quarter of 2012, it held on average $396 billion in liability balances and over $12 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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