Citi® Payment Outlier Detection Launches in 90 Countries
June 26 2019 - 11:00AM
Business Wire
New Solution uses Artificial Intelligence and
Machine Learning to Identify Outlier Payments
Citi®’s Payment Outlier Detection solution has launched in 90
countries. Created by Citi’s Treasury and Trade Solutions business,
it uses advanced analytics, Artificial Intelligence (AI) and
Machine Learning (ML) to help proactively identify outlier payments
-- payments that do not conform to clients’ past patterns of
payment activity – and allows clients to review and approve or
reject such outlier payments via Citi’s institutional electronic
banking platforms, CitiDirect BE® and CitiConnect®.
Key client benefits of the new service include:
- Enhanced control and monitoring of payments
- Potential to reduce risk associated with outlier payments and
subsequent losses
- Advanced statistical machine learning algorithms instead of
legacy rules-based logic to analyze payment patterns
- Unique tailored customer profiles that identify individual
payment patterns
- AI-driven constant learning based on client usage
- Real time alerts before outlier payments are sent to the
beneficiary
Cyber-attacks have become increasingly frequent and
sophisticated, and banks need to be more vigilant than ever,
especially given increasing transaction volumes due to automation
and digitization. Client’s corporate treasury functions are also
being challenged with these changes, and together with the rapid
growth of instant payments, their expectations for speed in
processing payments continue to rise.
Citi’s strategy is to create integrated, smart and efficient
solutions powering the Treasury of the Future. Citi®’ Payment
Outlier Detection’s machine learning technology automatically
adjusts controls to monitor discrepancies and changes in client
payment behavior, allowing for the analysis and identification of
potential anomalies in affected payments before they are sent for
clearing. It does this while helping to ensure that payments are
processed quickly and efficiently.
“Citi is committed to providing clients with solutions that
deliver enhanced control, transparency and efficiency for their
global payments,” said Manish Kohli, Global Head of Payments and
Receivables, with Citi’s Treasury and Trade Solutions.
“Citi® Payment Outlier Detection is yet another example of
our execution against this goal and providing clients with tools
that leverage innovation and new technologies for unique value,” he
added.
This launch follows an extensive global pilot with 20 clients
and is built on design principles that require minimum integration
effort for clients. A key differentiator for Citi® Payment Outlier
Detection is its usage of advanced statistical machine learning
algorithms instead of legacy rules-based logic to analyze payment
patterns. This enables the system to automatically adjust in
response to changing payment patterns as businesses evolve, expand
and globalize. The enhanced solution also has client configurable
product features such as the ability to synchronize payment release
with the cut-off times, enhanced analytics and an increased choice
of entitlement options.
“Achieving real time visibility and fraud control over our
payment processing is a major goal for Xerox. During our pilot we
were very impressed with the power of Citi Payment Outlier
Detection as it is very intuitive and easy to use and supports our
ability to have payment fraud reviews that provide added
transparency and control to Corporate Treasury, along with our
internal partners such as Audit, Finance, Accounts Payable and Cash
Operations,” said Gerry Maguire, Assistant Treasurer, Global Cash
& Banking at Xerox Corporation, who was one of Citi’s early
pilot clients.
"I have been very impressed with the ability of the Citi Payment
Outlier Detection service to identify payment anomalies before
payments are processed and then utilize machine learning to train
itself and improve the chances of identifying true anomalies for
future payments. Citi Payment Outlier Detection helps identify
potential fraud attempts as well as operational errors in payment
instructions, and I believe this type of control will play an
integral role in having a more secure and efficient payments
process for all companies in the future," said David Thilthorpe,
Treasurer, Tetra Laval International, another early pilot
client.
Citi® Payment Outlier Detection was developed in the Citi
Innovation Lab in Dublin, Ireland with direct client collaboration.
Leveraging its partnership with Feedzai, a leader in Artificial
Intelligence for real-time risk management, Citi is in the process
of integrating Feedzai’s transaction monitoring platform to provide
clients with enhanced service capabilities. Citi® Payment
Outlier Detection was recognized by the 2018 TMI Awards for
Innovation and Excellence.
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
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version on businesswire.com: https://www.businesswire.com/news/home/20190626005167/en/
Media: Citi: Nina Das Tel: 1-212-816-9267 Email:
nina.das@citi.com
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