Citi’s Treasury and Trade Solutions (TTS) has received the 2017 Celent Model Bank award for Open Banking for its innovative CitiConnect® API (Application Programming Interface) solution. The solution allows Citi’s treasury services clients to directly connect with Citi to access payment initiation, payment status, and account balance inquiries services using their own Treasury Workstations or Enterprise Resource Platform (ERP) resulting in convenience, as well as potential cost savings and reduced risk.
The Celent Model Bank awards, sponsored by a renowned global research and advisory firm within the financial services industry, recognize through its annual program the best practices of technology usage in different areas critical to banking success. Submissions are judged on three core criteria: demonstrable business benefits of live initiatives; the degree of innovation relative to the industry; and the technology or implementation excellence. The Open Banking sub-category, was awarded for the most impressive API strategy and results so far.
Patricia Hines, Senior Analyst at Celent, commented: “The Model Bank Awards recognize how banks are using technology to digitize banking and deliver a truly meaningful impact on business results and the industry overall. The entry from Citi for their CitiConnect API solution clearly demonstrates how a bank can create a best practice implementation using transformational client experience.”
“The financial industry has been taken by storm with API based integrations. We believe that through our CitiConnect API, Citi has the leading solution delivering the right services on a global scale. This award from Celent recognizes the work and solutions we are offering our clients” said Naveed Sultan, Citi's Global Head of Treasury and Trade Solutions.
Citi supports API based integration across 96 countries, representing one of the largest API-supported geographies. The CitiConnect API solution delivers an ‘on-demand’ service that connects a client’s Treasury Management or ERP system directly with Citi. The result is a seamless experience that has the potential to offer cost efficiencies and reduced operational risk. APIs make it simpler for Citi’s institutional clients to develop interfaces to access and manage their Citi accounts with a variety of transaction services in a dramatically different way.
CitiConnect is Citi’s industry leading connectivity platform, and is part of the omni-channel digital banking product suite that also includes CitiDirect BE®, CitiDirect BE® Mobile and CitiDirect BE® Tablet.
Citi Treasury and Trade Solutions (TTS), provides integrated cash management and trade finance services to multinational corporations, financial institutions and public sector organizations across the globe. With a full range of digital and mobile enabled platforms, tools and analytics, TTS continues to lead the way in delivering innovative and tailored solutions to its clients. It offers the industry’s most comprehensive suite of treasury and trade solutions including cash management, payments, receivables, liquidity management and investment services, working capital solutions, commercial and prepaid card programs, trade finance and services.
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.