Finance & Economics

Citi Adds New Payment Solutions

Citi Treasury and Trade Solutions presented a line of new banking products that are intended for use by financial institutions within the scope of their activities related to the execution of payment transactions.

Citi Adds New Payment Solutions

New solutions for apply in the area of banking were developed in order to provide financial services institutions with tools to improve the quality of customer service.

The product line includes four functional possibilities that are designed to expand and improve the set of tools that are used by lenders. Also, new solutions facilitate the process of providing new-generation services to customers. The relevant information is contained in the Citi press release, which was published last Thursday, September 14.

Also, official data on new solutions published by the bank, whose headquarters is located in New York, indicates that the proposals developed by the financial institution contribute to the expansion of clearing of this lender in US dollars around the clock for companies operating in the banking sector. Citi informs that from now on clearing applies to both firms and individuals. This expansion of functionality means that financial institutions can carry out commercial payment transactions on behalf of their retail customers and corporate consumers. Additional operational opportunities will coexist with traditional types of payments made between banks.

Citi’s press release also indicates that in order to increase the transparency of cross-border payment transactions, a confirmed funds transfer function has been introduced. As a result of the addition of this solution, financial institutions will be able to get a preliminary idea of the amount of subsequent deductions. In this case, creditors will have the opportunity to ensure a high level of transparency of deducted fees before the transaction.

The press release also contains information that an expanded set of payment solutions allows financial institutions to initiate relevant operations in more than 70 currencies from a single US dollar account. This feature significantly expands the boundaries of the functionality of lenders in the framework of carrying out activities for processing currency transactions. Also, the expanded functionality will allow financial institutions to serve a larger number of clients, using a cost-effective way of conducting this activity.

As part of the launch of new solutions, Citi began offering access to Swift Go, the Swift payment service, at the request of bank customers. For consumers, the advantage of this offer is that there is no need for further build or implementation on their part.

Will Artingstall, global co-head of cross-border payments at Citi Treasury and Trade Solutions, says that the bank is committed to helping financial institutions that are its clients grow and achieve success. He noted that the lender’s fully integrated solutions provide an opportunity to accelerate digital transformation.

The importance of such proposals in the banking sector is confirmed by the results of industry studies, which indicate that in the United States, more than 60% of financial institutions characterize digital payment solutions as important as part of efforts to eliminate customer problems with B2B transactions.

As we have reported earlier, Citi Introduces New Offerings to Streamline Its Retail Banking Business.

Serhii Mikhailov

2246 Posts 0 Comments

Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.