Citi Perspectives Fall 2019

We are now in a world where the only constant is change. The treasury landscape is shifting as emerging technologies embracing intelligent automation, application program interfaces, distributed ledger technology, cloud and big data provide a real opportunity to reimagine the treasury function. The time is right to take the first step in establishing a strategic foundation that delivers a new enterprise-wide digital experience. Application programming interfaces (APIs) have been around since the 1960s. If they aren’t a new concept, why have they become such a hot topic lately? Without APIs, the digital experiences that we expect every day as consumers (e.g., Google maps) simply would not be possible. APIs have evolved from the very early days, but it was the birth of web APIs in 2000 that really highlighted the potential opportunities. In November 2000, eBay launched its API along with a developers’ program. Adoption by Apple, Facebook, Amazon and Twitter increased the level of interest in API technology. In June 2009, Apple launched the iPhone 3G and its App Store began allowing iPod Touch and iPhone owners to download applications through the iTunes desktop software or the App Store on their iPhones. This opened up an entirely new world of mobile applications, all underpinned by API technology. How does this relate to the world of banking? The drive for digitization of banking services continues to gain momentum and APIs provide a clear opportunity for real-time services to enhance the overall customer experience, accelerating existing slower and typically manual processes. 6 Michael Fei Board Secretary and Chief Strategy Officer, OneConnect, a member of Ping An Group Mark Sutton Asia Pacific Treasury Advisory Group, Treasury and Trade Solutions, Citi Ping An — The Adoption of Emerging Technologies to Drive Greater Operational and Financial Efficiency