JACKSONVILLE, Fla. & NEW YORK--(BUSINESS WIRE)--FIS™ (NYSE: FIS), a global leader in financial services technology, and Citi Treasury and Trade Solutions announced today that they are collaborating to enable real-time payments and cash management for their corporate treasury customers.
Using the CitiConnect® application programming interfaces (APIs), FIS has connected its Trax corporate payments factory to the suite of Citi Treasury and Trade Solutions – enabling seamless integration with Citi’s core treasury management functionality, including payment initiation, transaction status inquiry, and balance inquiry.
- FIS connects its Trax corporate payments factory to the Citi Treasury and Trade Solutions system using Citi open application programming interfaces.
- The connection allows corporate treasury departments of FIS and Citi to manage transaction flows in real-time, increasing cash management and visibility.
- The collaboration also helps corporate customers to be better prepared for forthcoming open banking and cross-border requirements.
The connection allows mutual clients of FIS and Citi Treasury and Trade Solutions to execute, manage, monitor and report on their transaction flows in real-time, increasing cash management and visibility. The initiative also enables corporate customers of FIS and Citi to be better prepared for forthcoming open banking and cross-border payments requirements.
“This breakthrough collaboration between FIS and Citi allows businesses to transform their treasury and accounts payable departments and create a modern, real-time system for cash management,” said Anthony Jabbour, Chief Operating Officer of Banking & Payments for FIS. “Using the power of open application programming interfaces, FIS and Citi are delivering on the promise of faster payments for our customers around the world.”
“At Citi, we are committed to providing clients with omni-channel experiences by seamlessly embedding our solutions into our clients’ existing treasury applications, making it easier to do business. This joint partnership combines the strengths of CitiConnect API with FIS services to enable real-time banking and decision making,” said Naveed Sultan, Global Head of Treasury and Trade Solutions, Citi. “We are extremely pleased to demonstrate how treasury can leverage API functionality to effectively manage their transaction banking activity directly from their own trusted applications, whether on a tablet, mobile device or laptop.”
“The CitiConnect API is progressing the client experience by further embedding into treasury workstations, proving API technology will transform how financial services are going to be both consumed and provided. This exciting initiative by Citi and FIS is an excellent example of collaboration between different providers, and of how APIs aren’t just a promise for the future - they are being used today to solve real-world customer problems,” said Patricia Hines, senior analyst at Celent. “As the industry moves steadily toward real-time payments, we expect to see more initiatives like this one in the months ahead.”
The FIS Trax payments factory provides corporate treasury functions with a highly secure platform for consolidating and standardizing their accounts payments workflow, while meeting audit and reporting requirements.
CitiConnect® is Citi's industry leading connectivity platform, and is part of the omni-channel digital banking product suite that also includes CitiDirect BE®, CitiDirect BE® Mobile and CitiDirect BE® Tablet.
About FIS
FIS is a global leader in financial services technology, with a focus on retail and institutional banking, payments, asset and wealth management, risk and compliance, and outsourcing solutions. Through the depth and breadth of our solutions portfolio, global capabilities and domain expertise, FIS serves more than 20,000 clients in over 130 countries. Headquartered in Jacksonville, Fla., FIS employs more than 53,000 people worldwide and holds leadership positions in payment processing, financial software and banking solutions. Providing software, services and outsourcing of the technology that empowers the financial world, FIS is a Fortune 500 company and is a member of Standard & Poor’s 500® Index. For more information about FIS, visit www.fisglobal.com.
The FIS Trax solution was recognized as “Best Accounts Payable Solution” by Global Finance in March 2017 and won the 2017 Treasury Management International Award for Innovation & Excellence in Treasury Management for Best Accounts Payable Solution.
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Forward-Looking Statements
This press release may contain statements, estimates or projections that constitute “forward-looking statements” pursuant to the safe harbor provisions of the U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from FIS’ historical experience and our present expectations or projections. These risks include, but are not limited to, changes in general economic, business and political conditions, developmental and conversion delays or disruptions inherent with new software products, technology and outsourcing solutions, results of new solutions or collaborations with third parties, and risks of reduction in revenue from the elimination of existing and potential customers due to consolidation in or new laws or regulations affecting the banking, retail and financial services industries, changes in the growth rates of the markets for our solutions, and other risks detailed in our filings with the Securities and Exchange Commission (SEC), including the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2016, and subsequent SEC filings. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. FIS undertakes no obligation to publicly update or revise any forward-looking statements
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. Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
Citi Treasury and Trade Solutions (TTS) enables its clients' success by providing an integrated suite of innovative and tailored cash management and trade finance services to multinational corporations, financial institutions and public sector organizations across the globe. Based on the foundation of the industry's largest proprietary network with banking licenses in over 90 countries and globally integrated technology platforms, TTS continues to lead the way in offering the industry's most comprehensive range of digitally enabled treasury, trade and liquidity management solutions.