Citi Enhances Connectivity Platform to Create Increased Efficiencies and Cost Savings for Corporate Clients
New York, NY - October 16, 2012 – Citi Transaction Services has enhanced its proprietary connectivity platform, CitiConnect®, to provide clients with more connectivity options to exchange messages and files. The enhancements, consisting of three new innovative services, remove the barriers between connectivity channels and provide corporate clients with increased flexibility, improved efficiencies and cost savings.
“These enhancements allow us to offer a greater diversity of integration and connectivity solutions for our clients and represent another step towards our goal to become the world’s digital bank,” said Hubert JP Jolly, Global Head of Channel and Enterprise Services at Citi Transaction Services. “By offering these seamless integration solutions, we are actively contributing to significant cost savings and efficiencies for our clients at a time of tremendous emphasis on maximizing resources and leveraging existing investments.”
These new services underscore Citi’s commitment to deliver a superior client experience for connectivity and integration and allow corporate clients to benefit from a number of expanded capabilities:
- Support for WorldLink® Payment Services wires in SWIFT MT101 instructions. WorldLink Payment Services is Citi’s proprietary cross-border payments solution. With this enhancement, Citi is now able to accept WorldLink wire transfers via standard SWIFT instructions. As a result, clients can now leverage existing treasury workstation solutions to initiate WorldLink wire transfers instead of having to log on to a separate platform. By simplifying the workflow, audit trail and execution of these wires, clients can realize significant cost savings.
- Acceptance of SWIFT formatted messages via secure Internet connections. Citi can now accept delivery of these messages through secure internet connections in addition to delivery via SWIFT. This new feature offers clients a low-cost option to SWIFT connectivity, allowing clients to realize savings while still enjoying the benefits.
- Receipt of ISO 20022 XML files through the CitiDirect® Online Banking file import functionality. CitiDirect® Online Banking is Citi’s online banking platform. Citi now accepts the global market-leading industry standard, ISO 20022 XML, as an input format for CitiDirect file import. Previously accepted through CitiConnect only, this new enhancement allows clients to use standard EDI formatted messages, providing another option for increased flexibility.
CitiConnect is a service that provides connectivity solutions for both the Treasury and Trade Solutions (TTS) and Securities and Fund Services (SFS) product sets. CitiConnect facilitates SWIFT and industry standard-based integration offerings with customer ERP and Treasury systems to exchange messages and files for all of its cash, trade, card, WorldLink payments and securities products and services. As clients aim to simplify their banking ecosystem this single multi-product connectivity platform enables Citi clients to access all of their CTS services via a single integration point. CitiConnect is a complementary service to CitiDirect which offers CTS’ services through online and mobile channels while CitiConnect offers connectivity via direct connections.
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 third quarter of 2012, it held on average $415 billion in liability balances and $12.8 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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