Citi Launches Citi® Payment Insights For Institutional Clients with Real-Time Payments Visibility and Management
July 16 2018 - 10:46AM
Business Wire
Royal Dutch Shell Pilot Successfully
Completed
Citi has launched Citi® Payment Insights, a new service
providing institutional clients with real-time payments visibility,
and ability to action payments on-demand via its electronic banking
platform, CitiDirect BE®. Citi® Payment Insights empowers clients
with a complete view of the transaction lifecycle within Citi’s
entire global network, and across the correspondent banking
eco-system by integrating the transparency provided by SWIFT’s gpi
initiative. This enhanced visibility is being launched in 50
markets and includes processing status, processing timelines,
charges deducted across correspondent banks, and the amount
credited to the beneficiary.
“This new service highlights our dedication to provide a
frictionless experience to our clients in a rapidly changing
business environment”, said Naveed Sultan, Citi’s Global Head of
Treasury and Trade Solutions. “We are constantly searching for
innovative solutions to help our clients succeed in the digital
economy.”
The Institutional payments industry has traditionally suffered
from a lack of full traceability as payments are routed through the
global financial system. The servicing of payment inquiries
occasionally relies on lengthy, manual and paper based
investigation processes between banks. Leveraging banking industry
advancements like SWIFT gpi and the latest technologies such as
APIs, cloud computing, and Big Data, Citi has taken a
transformative approach to digitize its client’s payments
experience with innovative omni-channel
solutions, including APIs, to
meet clients' needs.
While developing Citi® Payment Insights, Citi worked with Royal
Dutch Shell to deliver a seamless digital experience to control
payments globally. Processes that in the past could have taken
several days can now be completed in as few as two to three clicks.
“Digitalization is an integral part of our Cash Management 2020
strategy. We are excited to see our requirements translate into
tangible platform features that benefit both Shell and Citi. We
have received positive feedback from the users who participated in
the pilot that they found the service to be very intuitive. We
look forward to introducing these features to our cash management
team globally and reaching 75%+ elimination of targeted inquires
over time”, said Darsh Johal, Head of Global Cash Management, Royal
Dutch Shell.
Citi® Payment Insights has been designed based on client
feedback, and the current features include:
- Payments Tracking – provides
instant access to payment status including rejects and returns;
making the tracking of a payment as easy as tracking a postal
package
- Incoming Payments – offers a
view of incoming payments before a credit is posted into clients'
accounts for improved working capital management
- On-Demand Proof of Payment –
SWIFT messages and branch signatures that can be saved, printed, or
sent via email
- Grant/Deny Debit Authority –
allows clients to provide debit authority online, when remitter
recall funds posted to a client's account
- Return of Funds – enables
beneficiary to return credits not recognized
“Clients are at the center of our strategy to continually
improve security, transparency, speed, convenience and efficiency
in the global payments industry.” said Manish Kohli, Global Head of
Payments and Receivables, Citi Treasury and Trade Solutions. “Citi®
Payment Insights is a significant step forward in executing on this
strategy. This service will deliver tangible value to all our
client segments and the new technology platform sets the foundation
for future innovations. I want to commend the Shell team for their
digital leadership and thank them for their active engagement
throughout the design of Citi® Payment Insights” he added.
Citi Treasury and Trade Solutions (TTS) enables 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 the industry's most
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 450 country corridors with
more than 35 million payments being sent using gpi. Currently 25%
of SWIFT's cross border payments are processed as gpi and expected
to reach 100% by 2020.
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version on businesswire.com: https://www.businesswire.com/news/home/20180716005475/en/
Media:CitiNina Das,
1-212-816-9267nina.das@citi.com
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