Citi’s Digital Channels Process One Billion API Calls From Corporate Clients
Citi’s Digital Channels Reach Another Significant Milestone in API Adoption
CitiConnect® API, Citi's Application Programming Interface (API) connectivity platform, has reached a new milestone of processing more than one billion API calls since its launch in late 2017. This rapid rise in API volume is fueled by the many changes our clients are facing due to the rapidly evolving business environment, including supporting direct-to-consumer flows, new e-commerce models, the switch from batch to real-time, and the advance of Instant Payments. Whether it is to top up mobile wallets in
“Our ultimate goal is to deliver an exceptional client experience that is fully digitized and highly automated,” said Shahmir Khaliq, Global Head of Citi Treasury and Trade Solutions. “As a part of our ongoing digitization efforts, we continue to elevate our user experience by providing clients with improvements driven by data insights and feedback, as well as expanding our intelligent and seamless connectivity solutions.”
The rapid adoption of APIs is driven primarily by companies in the fintech, telecom, multimedia and technology industries. The APIs for Treasury Services, accessed through CitiConnect®, allow clients to integrate seamlessly with Citi to access a growing number of Citi solutions directly from their treasury workstations or ERP of choice. To help solve important needs for visibility and transparency, some popular API calls include Account Balance Inquiries, Payment Status Reports, requesting FX rates and booking FX contracts. During the pandemic, CitiConnect API volume steadily increased 60% from the prior year in 2020, as measured by message volume and transactional value, helping our clients with operational resiliency while they continue to operate in remote or continuity-of-business (COB) modes.
“Flywire is trusted to deliver on 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,” shares
“Our clients are looking to drive efficiencies in their Treasury Operations. Operational tasks that used to take days to complete, are now being completed in minutes, powered by APIs,” said
The CitiConnect® solution offers over 83 APIs for both data-driven services and transactions. These APIs allow clients to directly access products and services to help provide a seamless and real-time banking experience. Services provided include self-service reports, real-time FX information, and account services such as statements, cut-off times and proof of payment. Transactions include payments, instant payments, request-to-pay, and WorldLink® transfers.
CitiConnect® is part of an omni-channel digital banking product suite that also includes CitiDirect BE® Online Banking and Mobile. CitiConnect APIs are supported through an ecosystem that includes strategic partnerships with various treasury software providers, including FIS,
For more information about CitiConnect®, visit here.
Citi Treasury and Trade Solutions (TTS) enables its 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 90 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.
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 http://www.