London, September 4, 2002 - Citibank e-Business, a division of Citigroup, the premier global financial services company (NYSE:C), announces the launch of its Web-enabled treasury outsourcing solution - Citibank Agency Treasury Services.
Citibank Agency Treasury Services, the established market leader has been working in partnership with customers and leading treasury services software provider, Trema to deliver a superior Web-enabled service.
The enhanced capability brings to market an end-to-end solution, enabling companies and financial institutions to use integrated treasury management applications to reduce costs, while simultaneously increasing levels of control, reporting and information.
Through Citibank Agency Treasury Services, customers will be able to outsource complete treasury operations or selected specific related functions, such as risk management or regulatory reporting (FAS 133 / IAS 39).
Citibank's customers will benefit from online access, providing straight through processing (STP) of transactions, inputting of deal requests, authorisation of transactions and access to real-time positions on a global basis. By integrating the treasury platform with the full range of Citibank and third party services, as well as providing access to the local network (over 100 branches), Citibank is providing corporate treasurers with a complete picture of their treasury position regionally and globally, and is fully leveraging both the bank's global network and services.
"Citibank Agency Treasury Services provides our customers with direct access to our treasury management expertise, unsurpassed global network and the very latest treasury technology", said Ineke Bussemaker, Global Head of Citibank Agency Treasury Services. "As one of our core capabilities, our customers benefit from Citibank's economies of scale, freeing up their resources to focus on more strategic, value-added activities. In addition, customers can avoid the heavy investment costs associated with ever changing technology".
Alex Etherson, European Treasurer for PPG Industries Inc., a major US multinational company in the chemicals industry operating across Europe and an established Citibank Agency Treasury Services customer is notably impressed with the developments. "Citibank is designing their outsourcing solution in response to customer requirements and in so doing answering the needs of treasurers. This investment comes at the right time and provides the right tools".
"Citibank and Trema are delivering a whole set of new treasury services for corporates and financial institutions, working together to leverage the strengths from both our organisations," said Stellan RÃ¥berg, Director of Trema Treasury Outsourcing Services. "We are delighted to be working with Citibank and we look forward to continuing to deliver more innovative treasury solutions together in this rapidly expanding market place".