Citi Named Celent’s 2019 Model Bank of the Year
May 20 2019 - 9:00AM
Business Wire
Citi recognized for eight global treasury
solutions initiatives
Citi has been named as Celent’s 2019 Model Bank of the Year.
Celent bestowed this prestigious award to Citi in recognition of
the global achievements of its Treasury and Trade Solutions
(TTS) business’ efforts to drive transformational innovation
and digitization for the benefit of its clients. Citi earned top
honors from a highly competitive field of 140 nominations submitted
by 80 financial institutions from 30 countries.
Citi’s winning submission included eight new global digital
treasury initiatives launched in 2018 as part of the bank’s
strategic commitment to its clients to provide a full range of
digital, mobile-enabled platforms, tools and analytics tailored to
meet their evolving treasury management and working capital
requirements.
“Citi is truly honored to receive the Celent 2019 Model Bank of
the Year Award. It shows our unwavering commitment to our clients
to be the financial ecosystem driving global commerce. Our digital
transformation strategies are core to helping our clients succeed
in the digital economy through improved profitability and enhanced
client experience,” said Naveed Sultan, Citi's Global Head of
Treasury and Trade Solutions. “Our long-term commitment to our
clients is to be the enabler of digital commerce helping them drive
positive business outcomes for their companies."
Patricia Hines, Head of Corporate Banking for Celent, in
announcing the award said: “we are delighted to announce Citi as
Celent Model Bank of the Year 2019 in recognition of Citi’s
Treasury and Trade Solutions business’ efforts to embrace change
and differentiate with digital. Our annual Model Bank program is
incredibly competitive with nearly 140 institutions submitting.
This large number of submissions is inclusive of the high quality
of work going on in the industry, as financial institutions
continue to transform and innovate. Citi is at the pinnacle of
these efforts.”
TTS Award-Winning Digital Solutions and Services
Celent considered five areas of evaluation when selecting Citi
as the overall 2019 Model Bank of the Year winner, including
customer experience, innovative products, operations and risk,
legacy transformation, and deployment of emerging advanced
technologies. The following digital solutions and services from
Citi were recognized:
Digital Connectivity
innovation:
- CitiDirect BE® Digital
Onboarding – Provides clients with an accelerated onboarding
experience, replacing the legacy paper and courier-based
documentation process with a digital platform, including the use of
electronic signatures, as well as leveraging existing data assets
to complete KYC and account opening requirements. Through the new
solution, clients are able to complete their account openings
within two days.
- CitiDirect BE® Biometric
Authentication – Allows clients to login to CitiDirect BE in
just seconds. Once users have set up their biometric authentication
functionality on their mobile device, they no longer have to use a
traditional token to generate one-time passwords, for both mobile
and desktop. By leveraging a human characteristic, biometric
authentication is not only convenient; it is secure.
- CitiConnect® API Developer
Portal – A one-stop hub where clients can access the latest
documentation on Citi APIs and sandbox environment. Usage of the
Developer Portal is expected to shorten the client onboarding
process, accelerate technical development, and improve the quality
of technology integration between Citi and its clients.
- CitiConnect® Testing Portal –
This innovative portal shortens implementation and testing cycles,
eliminates manual processes, and lets clients proceed at their own
pace during the file development and testing process.
Product and Service
Innovation:
- Citi® Payment Insights- By
leveraging new technologies such as SWIFT’s gpi initiative, APIs,
cloud computing, and Big Data, TTS now provides clients with a
simple, digital experience that delivers the transparency and
convenience clients are requesting, and that is often experienced
with consumer transactions.
- Citi® Smart Match – Uses machine
learning and artificial intelligence to help clients increase the
efficiency, reduce operating costs and automate the process of
matching open invoices to payments received in order to reduce days
sales outstanding, and release credit lines so the company can sell
more to its clients.
- Citi Hybrid Earnings Credit Rate
(ECR) Account - Allows clients to completely offset transaction
fees with ECR balances and earn hard dollar interest on any excess
balances, all within a single account.
- Citi® Commercial Card Emerging
Technologies - Citi leveraged data science and machine learning
principles to identify patterns in historical commercial card spend
activity to forecast future client spend and to predict a client’s
short-term credit requirements based on seasonal peaks with 95%
accuracy.
- Citi® Payment Exchange –
Provides a single payment touchpoint for various U.S. payment
types, including Zelle, Virtual Card, ACH, card, and check.
Citi’s 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 98 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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Media:Citi:Nina Das2128169267nina.das@citi.com
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