Citi Transaction Services has enhanced its proprietary connectivity platform, CitiConnect®, to provide clients with more connectivity options to exchange messages and files. The enhancements include three new services:
- Support for WorldLink® Payment Services wires in SWIFT MT101 instructions. WorldLink Payment Services is Citi's proprietary cross-border payments solution. With this enhancement, Citi is now able to accept WorldLink wire transfers via standard SWIFT instructions. As a result, clients can now leverage existing treasury workstation solutions to initiate WorldLink wire transfers instead of having to log on to a separate platform. By simplifying the workflow, audit trail and execution of these wires, clients can realize significant cost savings.
- Acceptance of SWIFT formatted messages via secure Internet connections. Citi can now accept delivery of these messages through secure internet connections in addition to delivery via SWIFT. This new feature offers clients a low-cost option to SWIFT connectivity, allowing clients to realize savings while still enjoying the benefits.
- Receipt of ISO 20022 XML files through the CitiDirect® Online Banking file import functionality. CitiDirect® Online Banking is Citi's online banking platform. Citi now accepts the global market-leading industry standard, ISO 20022 XML, as an input format for CitiDirect file import. Previously accepted through CitiConnect only, this new enhancement allows clients to use standard EDI formatted messages, providing another option for increased flexibility.
These three important new connectivity services show what is happening in corporate-bank connectivity: moving to batch delivery whenever possible - MT101 instructions, delivery of SWIFT formatted messages on any channel, and adoption of ISO 20022 files formats. This is the connectivity model corporate treasury departments should aim for.
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