Mobile banking is a must for consumers, but will it take off among corporates? Depending on who you ask, it already has.
Citi Treasury and Trade Solutions (TTS) announced Tuesday (Feb. 23) that it reached a new milestone in this area that seems to suggest the enterprise is very much on board with mobile banking and transacting.
The TTS unit, which links multinational corporations to cash management and trade finance solutions, revealed that it has now processed more than $1 trillion worth of transactions through its mobile and tablet solutions, CitiDirect BE Mobile and CitiDirect BD Tablet, since 2011.
The mobile version was launched in 2011, with the tablet version following in 2013; they were developed for corporate treasurers as a way to conduct critical business functions, like payment initiation, trade authorization, payment status monitoring and other financial matters, from anywhere via mobile device.
According to Global Head of TTS Naveed Sultan, the new milestone shows the ability for mobile banking to gain traction for business clients.
“The scalability of CitiDirect BE Mobile and CitiDirect BE Tablet is a testament to our client-driven approach in both institutional mobile banking and to product development led by our engineers,” Sultan said. “As mobile technology and business demands rapidly evolve, TTS has met changing client needs with agility, and we continue to drive innovation and deliver services to enable our clients’ success worldwide.”
The solutions were developed within the Citi Innovation Lab in Ireland, a venture that Citi Global Head of Institutional Clients Group Operations and Technology Mike Whitaker said will continue to focus on innovation.
“CitiDirect BE Mobile’s ease of use reflects our ability to deliver best-in-class institutional banking solutions through strong client partnerships and focused execution across our in-house innovation labs, as well as technology, operations, product and relationship teams,” he said.