Alterna™ Technologies Group Inc., the premier global provider of e-finance solutions, today announced that Citibank e- Business, a unit of Citigroup, the preeminent global financial services company (NYSE: C), has agreed to join its abix™ bank and transaction network initiative.
Citibank is the first global bank to announce joining this international community of banks, enterprise systems and other providers of financial solutions. abix offers the banking community the opportunity to standardize and re-use interfaces for processing account balance and transaction information, payments and related messages between alterna’s platform, abix member banks and their mutual clients. The integration with abix is driven by customers of both companies with International Air Transport Association (IATA) being the first to take advantage of the joint offering. A significant number of Citibank interfaces have already been certified and are now available to deploy to other customers of both organizations. In addition, on-going efforts will ensure certification covering over 90 countries by year-end.
Tom Murphy, Managing Director of Industry Distribution and Financial Services
for the International Air Transport Association (IATA), said: "Bank connectivity is of paramount importance to global corporations and industry associations such as IATA. abix supports IATA's initiatives to continuously enhance the integrated financial and settlement services we provide to the world's airlines."
"Merck, Citibank and alterna will all benefit from the shorter implementation
timelines and significantly lower costs associated with open and re-useable bank interfaces," said Ian Johnson, European Treasurer, Merck.
Ann Cairns, Chief Operating Officer for Citibank e-Business, adds: "Enabling
straight-through processing with bank connectivity initiatives such as abix is a key element to our strategy. Together with alterna we have a compelling
Citibank Joins abix offering, one which streamlines the payment and information reporting process, helping our customers to maximize the management of working capital."
"Citibank membership is an important endorsement to the abix value proposition,” said Gonzalo Naranjo, alterna’s President and CEO. "Citibank and
alterna have a substantial, long-standing relationship. We look forward to jointly enhancing our mutual client relationships, reducing interface development and maintenance costs for our clients and helping them realize important benefits more quickly and easily with a truly scaleable solution. abix is a win-win-win for banks, corporate clients and alterna. It is a win for everyone’s present and future customers who need seamless integration and straight–through processing in a multi-bank environment. We are proud of our rich relationship history with Citibank. This initiative truly demonstrates alterna’s commitment to optimizing the financial supply chain."
As an abix member, banks and other financial service providers to corporations,
can save considerable time and expense in developing interfaces with their
corporate clients by adopting and certifying re-useable interfaces developed
through abix. abix members also gain a competitive advantage through the
ability to extend their service reach and suite of corporate services while
enhancing their relationships with existing customers. For more information on abix, please visit the abix section of the alterna Web site at http://www.alterna.com/value_added.html or send an email to [email protected]