Citi announced Tuesday (Feb. 28) the launch of an API to connect its clients operating in the treasury services industry to critical Citi services.
According to a release, the bank’s Treasury and Trade Solutions (TTS) unit is rolling out the CitiConnect API to help treasury service providers link their own treasury and ERP solutions into Citi. The bank’s API enables treasurers to manage transaction banking activity straight from existing treasury platforms already in use within the enterprise. Citi added that it developed the API service in conjunction with several corporate clients.
“API-based integration is one of the biggest topics across the industry,” said Citi Global Head of Treasury and Trade Solutions Naveed Sultan in a statement. “And with CitiConnect API, TTS offers the right solution on a global scale. This new, innovative offering provides Citi’s clients ultimate flexibility and choice of how, where and when they want to access Citi’s network using their existing treasury applications.”
“API technology allows Citi to offer a variety of services in a dramatically different way,” Sultan continued, “and over time Citi will also offer additional functionality, including service inquiries, account management and liquidity services.”
In its announcement, Citi pointed to the importance for corporates to have their treasury platforms linked directly to their banks. Client demands, the bank noted, have given rise to the need for APIs to connect these two planes without the need for developing a custom portal or to depend solely on a bank’s portal.
“There’s a lot of pressure from clients on banks to quickly adapt to the demand for improved digital experiences or be at risk of becoming irrelevant,” said TTS Technology Global Head of Electronic Banking Channels Derek Rego in another statement. “Our CitiConnect API solution provides a strong foundation for our clients looking to embrace eCommerce initiatives. Across every industry, APIs are proving to have significant business impact.”
The launch of CitiConnect API follows last November’s announcement that Citi had opened up a global API portal, inviting developers to build solutions using Citi banking technology across the areas of account management, P2P payments, money transfers, Citi rewards, investment purchases and account authorization.