Citi announced Monday (July 16) the launch of Citi Payment Insights, a new service that gives institutional clients access to real-time payment information and the ability to action payments on demand via the CitiDirect BE electronic banking platform.
In a press release, Citi said Citi Payment Insights empowers clients by giving them a complete view of the transaction lifecycle within Citi’s global network and across the correspondent banking ecosystem by integrating the transparency provided by SWIFT’s gpi initiative. Citi said the enhanced visibility is being launched in 50 markets and includes processing status, processing timelines, charges deducted across correspondent banks and the amount credited to the beneficiary. “This new service highlights our dedication to provide a frictionless experience to our clients in a rapidly changing business environment,” Naveed Sultan, Citi’s global head of treasury and trade solutions, said in the press release. “We are constantly searching for innovative solutions to help our clients succeed in the digital economy.”
According to Citi, the institutional payments industry has historically suffered from an inability to fully trace payments throughout the global financial system. Payment inquiries can at times rely on lengthy manual and paper-based processes between banks. By using SWIFT gpi and other cutting-edge technologies such as APIs, cloud computing and Big Data, Citi can digitize clients’ payment experiences.
Royal Dutch Shell is one of the early users of this new service, Citi said in the press release. Darsh Johal, head of global cash management for Royal Dutch Shell, said, “Digitalization is an integral part of our Cash Management 2020 strategy. We are excited to see our requirements translate into tangible platform features that benefit both Shell and Citi. We have received positive feedback from the users who participated in the pilot that they found the service to be very intuitive.”
He said the firm looks forward to eliminating more than 75 percent of targeted inquiries over time.