FIS™ (NYSE: FIS), a global provider of financial services technology, and Citi Treasury and Trade Solutions announced today that they are collaborating to enable real-time payments and cash management for their corporate treasury customers.
Using the CitiConnect® application programming interfaces (APIs), FIS has connected its Trax corporate payments factory to the suite of Citi Treasury and Trade Solutions – enabling seamless integration with Citi’s core treasury management functionality, including payment initiation, transaction status inquiry, and balance inquiry.
The connection allows mutual clients of FIS and Citi Treasury and Trade Solutions to execute, manage, monitor and report on their transaction flows in real-time, increasing cash management and visibility. The initiative also enables corporate customers of FIS and Citi to be better prepared for forthcoming 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 Anthony Jabbour, Chief Operating Officer of Banking & Payments for FIS. “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 omni-channel experiences by seamlessly embedding our solutions into our clients’ existing treasury applications, making it easier to do business. This joint partnership combines the strengths of CitiConnect API with FIS services to enable real-time banking and decision making,” stated Naveed Sultan, Global Head of Treasury and Trade Solutions, Citi. “We are extremely pleased to demonstrate how treasury 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.”
“The CitiConnect API is progressing the client experience by further embedding into treasury workstations, proving API technology will transform how financial services are going to be both consumed and provided. This exciting initiative by Citi and FIS is an excellent example of collaboration between different providers, and of how APIs aren’t just a promise for the future – they are being used today to solve real-world customer problems,” said Patricia Hines, senior analyst at Celent. “As the industry moves steadily toward real-time payments, we expect to see more initiatives like this one in the months ahead.”
The FIS Trax payments factory provides corporate treasury functions with a highly secure platform for consolidating and standardizing their accounts payments workflow, while meeting audit and reporting requirements.
CitiConnect® is Citi’s connectivity platform, and is part of the omni-channel digital banking product suite that also includes CitiDirect BE®, CitiDirect BE® Mobile and CitiDirect BE® Tablet.