Citi launches CitiŽ Payment Insights for institutional clients with real-time payments visibility and management
- Royal Dutch Shell Pilot Successfully Completed
NEW YORK, NY - Citi has launched Citi® Payment Insights, a new service providing institutional clients with real-time payments visibility, and ability to action payments on-demand via its electronic banking platform, CitiDirect BE®. Citi® Payment Insights empowers clients with a complete view of the transaction lifecycle within Citi’s entire global network, and across the correspondent banking eco-system by integrating the transparency provided by SWIFT’s gpi initiative. This 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”, said Naveed Sultan, Citi’s Global Head of Treasury and Trade Solutions. “We are constantly searching for innovative solutions to help our clients succeed in a digital economy.”
The Institutional payments industry has traditionally suffered from a lack of full traceability as payments are routed through the global financial system. The servicing of payment inquiries occasionally relies on lengthy, manual and paper based investigation processes between banks. Leveraging banking industry advancements like SWIFT gpi and the latest technologies such as APIs, cloud computing, and Big Data, Citi has taken a transformative approach to digitize its client’s payments experience.
While developing Citi® Payment Insights, Citi worked with Royal Dutch Shell to deliver a seamless digital experience to control payments globally. Processes that in the past could have taken several days can now be completed in as few as two to three clicks. “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. We look forward to introducing these features to our cash management team globally and reaching 75%+ elimination of targeted inquires over time”, said Darsh Johal, Global Head of Cash Management, Royal Dutch Shell.
Citi® Payment Insights has been designed based on client feedback, and the current features include:
- Payments Tracking – provides instant access to payment status including rejects and returns; making the tracking of a payment as easy as tracking a postal package
- Incoming Payments – offers a view of incoming payments before a credit is posted into clients' accounts for improved working capital management
- On-Demand Proof of Payment – SWIFT messages and branch signatures that can be saved, printed, or sent via email
- Grant/Deny Debit Authority – allows clients to provide debit authority online, when remitter recall funds posted to a client's account
- Return of Funds – enables beneficiary to return credits not recognized
“Clients are at the center of our strategy to continually improve security, transparency, speed, convenience and efficiency in the global payments industry.” said Manish Kohli, Global Head of Payments and Receivables, Citi Treasury and Trade Solutions. “Citi® Payment Insights is a significant step forward in executing on this strategy. This service will deliver tangible value to all our client segments and the new technology platform sets the foundation for future innovations. I want to commend the Shell team for their digital leadership and thank them for their active engagement throughout the design of Citi® Payment Insights” he added.