The companies announced news on Monday (Oct. 16) that FIS is collaborating with Citi’s Treasury and Trade Solutions unit to provide cash management and payments solutions for corporate treasury customers of the bank. FIS is integrating its Trax corporate payments offerings, which provides treasurers with a platform to standardize accounts payable, into Citi’s treasury tools via CitiConnect APIs, the firms said.
Joint customers will be able to initiate and monitor payments in real-time. Citi and FIS also said that their partnership can help corporate treasurers be able to adjust to upcoming open banking and cross-border payments requirements.
“This breakthrough collaboration between FIS and Citi allows businesses to transform their treasury and accounts payable departments and create a modern, real-time system for cash management,” said FIS Chief Operating Officer of Banking & Payments, Anthony Jabbour, in a statement. “Using the power of open application programming interfaces, FIS and Citi are delivering on the promise of faster payments for our customers around the world.”
“At Citi, we are committed to providing clients with omnichannel experiences by seamlessly embedding our solutions into our clients’ existing treasury applications, making it easier to do business,” added Citi Global Head of Treasury and Trade Solutions, Naveed Sultan, in another statement. “This joint partnership combines the strengths of CitiConnect API with FIS services to enable real-time banking and decision-making. We are extremely pleased to demonstrate how treasurers can leverage API functionality to effectively manage their transaction banking activity directly from their own trusted applications, whether on a tablet, mobile device or laptop.”
APIs have become a key focus for Citi’s treasury management offerings. Earlier this year, the bank first introduced the CitiConnect API in an effort to more seamlessly link treasury management companies’ own solutions into Citi’s existing platform.
This isn’t the first collaboration between FIS and Citi. Late last year the two announced another initiative with PayPal to expand customer payment choice when using PayPal at the point of sale.