CitiConnect, Citi's API connectivity platform has reached a new milestone, with more than 157 million API calls now processed since its launch in November 2016. The APIs for Treasury Services, accessed through CitiConnect, allow corporates to seamlessly access a growing number of Citi solutions directly into their treasury workstations or enterprise resource platforms (ERP). Of the total API calls, the majority were from companies located in the Asia Pacific and European regions, reflecting the rapid growth of instant payments schemes in these areas.
Since the launch of CitiConnect API, Citi says it has moved over US$26bn for clients using a set of over 50 unique APIs. The pace of CitiConnect API adoption is accelerating, with 18 million calls in November 2018, growing to over 157 million calls by August 2019, representing a growth rate of 750%. Since then, the number of connected clients has increased from 6 to over 55. This growth in API usage is being driven primarily by fintech, telecom, multimedia and technology companies, with the most popular API calls being Account Balance Inquiries, Payment Status Reports, and Making Payments.
“We needed a real-time, on-demand solution to enable us to offer the ultimate client experience,” said Radim Rezek, CEO at Flatio.com, the biggest marketplace for mid-term real estate rentals in Central Europe. “As a digital native, our global rollout is based on an API-first strategy, so Citi’s API programme was perfectly aligned with our requirements. Our accounts can now make seamless Funds Transfers and SEPA payments across multiple countries and receive statement data on-demand. The solution definitely helps us to stand out from the competition.”
The CitiConnect solution now offers APIs for both data driven services and transactions. Data driven services include: self-service reports, real-time FX information, and account services such as statements, cut-off times and proof of payment. Transactions include payments, request-to-pay, and WorldLink transfers.
“The CitiConnect APIs solution has allowed Moni Online to process payments automatically, without any kind of manual intervention,” said Florencia Bellasi, CFO for Moni Online, the first Argentinean e-lending company in an app. “Additionally, the solution has helped reduce the time that our customers have to wait to get the loan disbursed into their account from approximately an hour to now a couple of seconds, even on weekends.”
“CitiConnect APIs are serving an ever-greater number of clients in every business sector with a growing product range that is helping facilitate their new business operating models while moving treasury processes to real time to improve visibility, control and efficiency.” commented Tapodyuti Bose, global head of Digital Channels and Data at Citi’s Treasury and Trade Solutions. “Clients tell us that integrating CitiConnect APIs into their treasury workstations and ERP systems is transformative and adds real value. In the past year, our APIs have been instrumental in bringing instant payments and real-time banking to new markets and helping clients evolve new business models and enter new industries.”
CitiConnect is part of an omnichannel digital banking product suite that also includes CitiDirect BE Online Banking and Mobile. CitiConnect APIs are supported through an ecosystem that includes strategic partnerships with various treasury software providers, including FIS, Kyriba, Oracle and SAP. Along with the CitiConnect API Developer Portal and Testing Portal, Citi TTS supports API-based integration in a globally consistent way across TTS’ global footprint.
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