Citi APIs for Treasury Services Reach a New Milestone
August 26 2019 - 9:00AM
Business Wire
Over 150 million calls processed
globally
CitiConnect®, Citi's API connectivity platform has reached a new
milestone, with more than 157 million API calls processed since its
launch in November 2016. The APIs for Treasury Services, accessed
through CitiConnect®, allow clients to seamlessly access a growing
number of Citi solutions directly into their treasury workstations
or enterprise resource platforms (ERP). Of the total API calls, the
majority were from companies located in the Asia Pacific and
European regions, reflecting the rapid growth of instant payments
schemes in these areas.
Since the launch of CitiConnect API, Citi has moved over $26
billion for clients using a set of over 50 unique APIs. The pace
of CitiConnect API adoption is accelerating, with 18 million calls
in November 2018, growing to over 157 million calls by August 2019,
representing a growth rate of 750%. Since then, the number of
connected clients has increased from 6 to over 55. This growth in
API usage is being driven primarily by fintech, telecom, multimedia
and technology companies, with the most popular API calls being
Account Balance Inquiries, Payment Status Reports, and Making
Payments.
“We needed a real-time, on-demand solution to enable us to offer
the ultimate client experience,” said Radim Rezek, CEO at
Flatio.com, the biggest marketplace for mid-term real estate
rentals in Central Europe. “As a digital native, our global rollout
is based on an API-first strategy, so Citi’s API program was
perfectly aligned with our requirements. Our accounts can now make
seamless Funds Transfers and SEPA payments across multiple
countries and receive statement data on-demand. The solution
definitely helps us to stand out from the competition.”
The CitiConnect® solution now offers APIs for both data driven
services and transactions. Data driven services include:
self-service reports, real-time FX information, and account
services such as statements, cut-off times and proof of payment.
Transactions include payments, request-to-pay, and WorldLink®
transfers.
“The CitiConnect APIs solution has allowed Moni Online to
process payments automatically, without any kind of manual
intervention,” said Florencia Bellasi, CFO for Moni Online, the
first Argentinean e-lending company in an app. “Additionally, the
solution has helped reduce the time that our customers have to wait
to get the loan disbursed into their account from approximately an
hour to now a couple of seconds, even on weekends.”
“CitiConnect APIs are serving an ever-greater number of clients
in every business sector with a growing product range that is
helping facilitate their new business operating models while moving
treasury processes to real time to improve visibility, control and
efficiency.” said Tapodyuti Bose, Global Head of Digital Channels
and Data at Citi’s Treasury and Trade Solutions. “Clients tell us
that integrating CitiConnect APIs into their treasury workstations
and ERP systems is transformative and adds real value. In the past
year, our APIs have been instrumental in bringing instant payments
and real time banking to new markets and helping clients evolve new
business models and enter new industries.”
CitiConnect® is part of an omni-channel digital banking product
suite that also includes CitiDirect BE® Online Banking and Mobile.
CitiConnect APIs are supported through an ecosystem that includes
strategic partnerships with various treasury software providers,
including FIS, Kyriba, Oracle and SAP. Along with the CitiConnect®
API Developer Portal and Testing Portal, Citi TTS supports
API-based integration in a globally consistent way across TTS’
global footprint.
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.
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
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version on businesswire.com: https://www.businesswire.com/news/home/20190826005166/en/
Media: Citi: Nina Das 2128169267 nina.das@citi.com
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