Nepi Rockcastle Leverages Citi’s Global CitiConnect API in FinqTreasury Platform
Published: February 15, 2023
Nepi Rockcastle, a premier owner and operator of shopping centres in Central and Eastern Europe, implemented Citi's global CitiConnect API solution in FinqTreasury, a next generation treasury management automation platform, developed by Finqware. This is the first successful live integration of CitiConnect API connectivity with a fintech platform in Romania and Bulgaria and one of the very first in Central Europe. Such solutions offer NEPI Rockcastle full visibility on cash accounts and real time information on the banking transactions consolidated across the group in one platform.
NEPI Rockcastle aims to conclude partnerships with fintech start-ups operating in the CEE region to scale its real estate business and meet the demands of the modern world. The partnering with Finqware represents one step ahead on this strategic path with a focus to enhance the Group’s automated operations and create new opportunities for experience, sharing and innovation.
“When learning about Open Banking, we anticipated the opportunity offered by API technologies to access bank accounts and related data in real time, in an automated and consolidated way. We understood that this could drive forward our financial operations efficiency with an optimal cost. The fact that Citi, one of our key Group’s banking partners, goes even further by offering advanced data connectivity through customised API channel, was a pleasant surprise. We are keen to leverage this successful integration implemented by Finqware for our operational use” declared Adela Tapurin, Treasury Director at NEPI Rockcastle.
As more Central European companies expand into new countries, Citi is supporting their growth and further automating their cash management operations, including supporting the Shared Service Centers being set up in the region. Innovative solutions such as CitiConnect API illustrates Citi’s commitment and investments to improving the client experience and enhancing the technology infrastructure. Providing a direct connection to Citi from an enterprise-wide treasury management, ERP and other cash management systems, CitiConnect simplifies and speeds bank integration, and streamlines the file exchange and messaging processes, reducing costs using automated processing and expediting dispute resolutions associated with cash management needs.
“We believe in technology and that our customers should use any digital transformation opportunity to build financial and operational advantages. The rapidly evolving business environment, including direct-to-consumer flows, new e-commerce models, increasing adoption of instant payments and the greater necessity of real time information is changing the needs that companies have and how quickly they can rely on data. The CitiConnect API that Nepi Rockcastle adopted is a very good example of an ‘off the shelf’ solution that Citi provides to its customers globally, enabling them to initiate payments and retrieve account statements. Although initially is started with the Bulgarian bank accounts integration, the solution helped connect all Citi accounts Nepi Rockcastle has across the countries where it operates together, improving visibility and control.” stated Andrei Stoian - TTS Country Head at Citi Europe plc, Bulgaria Branch.
Finqware, an European fintech headquartered in Romania, authorised as a payment institution under PSD2, launched last year its cloud-based treasury automation platform - FinqTreasury and integrated CitiConnect API as a built-in bank connector into its multi-bank connectivity platform for corporate. Thus, Finqware is able to provide its corporate customers not only with regulatory bank connectors across PSD2 footprint but also with custom and premium bank API solutions.
“Catering for the needs of a leading real estate Group, operating in 9 CEE countries and transacting in 7 currencies, such as Nepi Rockcastle, requires a large bank connectivity footprint as well as multiple technical solutions for bank integration. FinqTreasury provides a seamless, bank-agnostic connection, and CitiConnect API is a full-service API to exchange data with the bank on behalf of our clients' ', said Cosmin Cosma, Co-founder and CEO of Finqware.