Citi’s digital channels handle one billion API calls from corporate customers
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Citi Digital Channels Take Another Milestone in API Adoption
NEW YORK – (BUSINESS WIRE) –
The CitiConnect® API, Citi’s Application Programming Interface (API) connectivity platform, has reached a new milestone in handling more than one billion API calls since its launch in late 2017. This rapid increase in volume API is fueled by the many changes our customers are facing as a result of the rapidly changing business environment, including support for direct flows to consumers, new e-commerce models, the shift from real-time batch and advanced instant payments. Whether it’s to top up mobile wallets in India, disburse microloans in Argentina or pay instantly in the United States, Citi’s digital channel solutions play a central role in helping Citi Treasury and Trade Solutions (TTS) clients reach their goals and navigate an industry transformation. Citi has worked with leading enterprise resource platform (ERP), treasury workstation systems, and FinTech vendors to integrate API capabilities with the goal of creating a seamless onboarding experience.
“Our ultimate goal is to provide an exceptional, fully digital and highly automated customer experience,” said Shahmir Khaliq, Global Head of Citi Treasury and Trade Solutions. “As part of our ongoing digitization efforts, we continue to improve our user experience by providing customers with improvements based on insight and data feedback, as well as developing our smart and transparent connectivity solutions.”
The rapid adoption of APIs is driven primarily by companies in the fintech, telecommunications, multimedia, and tech industries. APIs for treasury services, accessible through CitiConnect®, allow customers to seamlessly integrate with Citi to access a growing number of Citi solutions directly from their treasury workstations or from the ERP. their choice. To help solve important visibility and transparency needs, some popular API calls include account balance requests, payment status reports, exchange rate request, and foreign exchange contract reservation. During the pandemic, CitiConnect API volume steadily increased by 60% from the previous year in 2020, as measured by message volume and transaction value, helping our customers improve their operational resilience while continuing to operate in remote or business continuity (COB) mode. .
“We trust Flywire to deliver our customers’ most important moments. We do this by using technology that enables organizations to optimize the payment experience for their customers while eliminating operational challenges, ”says Emily Watson, senior director of payments, World Bank at Flywire. “Partnering with Citi through an API-based integration has allowed us to deliver on our commitment to our customers with ease by instantly sending payments to Citi and getting real-time feedback on the status of those payments. Thanks to our agile process, this gives us maximum flexibility and savings on operational costs. ”
“Our clients are looking to increase the efficiency of their treasury operations. Operational tasks that used to take days to complete are now completed in minutes, thanks to APIs, ”said David Terra, Executive Director of TOTVS. “TOTVS has partnered with Citi to initiate payment instructions and get real-time status updates. Using APIs allows us to help our clients reconcile transactions faster and more accurately. This in turn helps our clients to better manage their working capital. ”
The CitiConnect® solution offers over 83 APIs for data-driven services and transactions. These APIs allow customers to directly access products and services to provide a seamless, real-time banking experience. Services provided include self-service reports, real-time currency information, and account services such as statements, cut-off times and proof of payment. Transactions include payments, instant payments, payment requests and WorldLink® transfers.
CitiConnect® is part of a suite of omnichannel digital banking products that also includes CitiDirect BE® Online Banking and Mobile. CitiConnect APIs are supported by an ecosystem that includes strategic partnerships with various treasury software vendors including FIS, Kyriba, Oracle and SAP. In addition to the CitiConnect® API Development Portal and Test Portal, Citi TTS supports API-based integration in a globally consistent manner across TTS’s global footprint.
For more information on CitiConnect®, visit here.
Citi Treasury and Trade Solutions (TTS) enables the success of its clients by providing an integrated suite of innovative and personalized treasury management and trade finance services to multinational companies, financial institutions and public sector organizations around the world. Based on the industry’s largest proprietary network with banking licenses in more than 90 countries and integrated technology platforms globally, TTS continues to lead the way in offering the industry’s most comprehensive line of solutions. digital management of treasury, commerce and liquidity.
Citi, the world’s largest bank, has approximately 200 million accounts receivable and operates in more than 160 countries and jurisdictions. Citi provides consumers, businesses, governments and institutions with a wide range of financial products and services, including consumer and credit banking, business and investment banking, securities brokerage, transaction services and wealth management.
Additional information can be found at http://www.citigroup.com | Twitter: @Citi | Youtube: http://www.youtube.com/citi | Blog: http://blog.citigroup.com/| Facebook: http://www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi.
Citi: Nina Das
E-mail: [email protected]