The latest corporate banking offering by Citi aims to virtualize treasurer accounts for more personalized, streamlined services. The bank said in an announcement Tuesday (Sept. 25) that it is rolling out Citi Virtual Accounts for institutional clients. The tool lets corporate customers segregate balances within their physical accounts into virtual ones, which can offer enhanced receivables, payments and liquidity management.
The virtual account solution is currently available for clients across Western Europe, supporting 16 jurisdictions and 37 currencies. Citi said it plans to expand the offering into the U.S. and Asia at a later date, though it did not offer details on when those expansions might occur.
Users can view transaction activity and manage online banking entitlements, the bank explained. The solution is compatible with existing Citi accounts receivable solutions, including Citi Payer ID Accounts for automated reconciliation.
“Citi’s investment in proprietary virtual account technology exemplifies our commitment to providing clients with simple, global and digital solutions,” said Manish Kohli, global head of payments and receivables for Citi Treasury and Trade Solutions, in a statement. “Citi’s virtual account solution is a strategic enabler for corporate treasuries of both our traditional and digital clients, providing a platform for benefits such as bank account rationalization and automated reconciliation.”
Mark Smith, Citi Treasury and Trade Solutions global head of liquidity management services, said in another statement, “With a centralized view of real-time cash positions, corporate treasuries can optimize liquidity management and make more informed funding decisions.”
Earlier this year, Citi Treasury and Trade Solutions announced expansions for its CitiConnect API, which supports treasurers’ ability to streamline management of FX rates and direct debits, among other banking functions.
“API-based integration is one of the biggest topics across the industry,” said Naveed Sultan, the bank’s global head of Treasury and Trade Solutions, in a statement at the time.
In June, Citi launched a developer portal, allowing developers to wield the API for their own services.