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Citi Eyes Asia, Europe In Treasury API Adoption

Citi Eyes Asia, Europe In Treasury API Adoption

Citi announced on Monday (Aug. 26) that its corporate treasury APIs and its CitiConnect API platform have processed more than $26 billion for corporate clients.

In a press release, Citi said the CitiConnect platform has processed more than 157 million API calls since its November 2016 launch. The APIs for Treasury Services connect the bank’s more than 55 corporate clients and their treasurers to integrate a range of Citi’s financial services directly into their treasury and enterprise resource planning platforms.

According to Citi, the majority of the API calls stem from the Asia-Pacific and Europe regions, a reflection of the adoption of real-time payments in these markets. The bank also noted that the number of API calls grew by 750 percent between November 2018 and August 2019.

Those API calls originate from corporate clients using the CitiConnect platform. Citi pointed to account balance inquiries, payment status reports and payments as the most popular API calls processed on the platform.

Other processes that can be conducted on the platform include real-time foreign exchange management, proof of payment, payments, request-to-pay and WorldLink transfers.

In June, Citi announced that its CitiConnect platform, along with the CitiDirect BE portal, added its Payment Outlier Detection solution, which automates the flagging of potential outlier and possibly fraudulent transactions for corporate treasurer users.

The previous June, Citi announced an expansion of its CitiConnect tool by adding its CitiConnect API developer portal, offering developers a sandbox to test and validate their solutions using Citi's treasury APIs.

"API-based integration is one of the biggest topics across the industry," said Naveed Sultan, Citi's global head of treasury and trade solutions, in a statement at the time. "And with CitiConnect API, TTS offers the right solution on a global scale."

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