NEW YORK--(BUSINESS WIRE)--Citi’s Treasury and Trade Solutions (TTS) has expanded its Citi® Payment Insights offering to over 20 new markets, totaling a footprint of more than 70 markets. Citi Payment Insights provides real-time payments visibility, including processing status, processing timelines, charges deducted across correspondent banks, the amount credited to the beneficiary, and the ability to action payments on-demand via its electronic banking platform, CitiDirect BE®.
Since its initial launch in July 2018, the solution has been rapidly expanded to include new markets, branches, segments and channels:
- New Markets – Market footprint expanded from 50 to 70+ markets
- New gpi Branches Enabled – 25 major branches, covering 80+% of Citi’s SWIFT cross border traffic globally
- New segments – Now offered to financial institutions. Citi Payment Insights is available to all institutional client segments across corporates, public sector and now financial institutions.
- New Channels – Piloting the delivery of enhanced status updates via CitiConnect® for Files and APIs. This design is based on an industry standardized, bank agnostic specification, which includes ISO XML and MT199 formats, to benefit clients across all segments.
“Citi recognizes the need to deliver transparency in cross border payments to clients,” said Javiar Orejas, Head of Banking EMEA and the Americas at International Air Transportation Association (IATA). “Citi Payment Insights provides a standardized and unique experience for payments worldwide and contains features to eliminate manual processes thereby delivering financial benefits to corporates. Citi’s offering goes beyond any other offerings I have seen in the marketplace thus far.”
Stephen Darnley, Corporate Treasurer at IATA, said, “The user experience is really good. The product is simple to use, very intuitive, and is delivering the kind of ease and convenience that everybody expects in the modern app driven world.” For IATA’s perspectives on Citi Payment Insights, please access this video https://www.citi.com/tts/sa/videos/citi_iata_partnership.html
Citi Payments Insights merges Citi’s proprietary applications such as CitiDirect BE®, CitiConnect®, and big data with industry investments in SWIFT gpi to provide clients with a complete view of their transaction lifecycle within Citi’s global network and across the correspondent banking eco-system.
“We have expanded the Citi Payment Insights offering to provide global consistency across more markets, segments, and channels to give our clients an optimal user experience and to help them to succeed in the rapidly changing digital economy. To achieve this, we are equipping clients with digital tools to resolve their most common needs instantly. This reduces delays, friction, and costs all within a comprehensive, convenient and secure solution,” said Manish Kohli, Global Head of Payments and Receivables, Citi Treasury and Trade Solutions.
Citi Treasury and Trade Solutions (TTS) helps enable our 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 a comprehensive range of digitally enabled treasury, trade and liquidity management solutions.
About Citi
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
About SWIFT gpi
The SWIFT global payments innovation (SWIFT
gpi) is the largest change in cross-border payments over the last 30
years and is setting the standard for delivering visibility into
processing times, fees, end-to-end tracking, and unaltered remittance
information. Since its launch in 2017, gpi has dramatically improved
cross-border payments in over 700 country corridors with more than 100
million payments being sent using gpi. Currently 30% of SWIFT's cross
border payments are processed as gpi and confirmation will be mandatory
for all payments by 2020.