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 gives clients 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. 

Old problems and the new approach

Multi-national corporations have traditionally suffered from a lack of full traceability as payments are routed through the global financial system. From time-to-time the servicing of payment inquiries has relied on lengthy, manual and paper based investigation processes between banks. Now, 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 with omni-channel solutions, including APIs, to meet clients' needs.

Current features of Citi® Payment Insights  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.

Development of new service

In the development of Citi® Payment Insights, Citi worked with their corporate clients including 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 enquires over time”, said Darsh Johal, Head of Global Cash Management, Royal Dutch Shell.

Roll-out

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. 

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CTMfile take: The new SWIFT GPI infrastructure is truly revolutionary, and is encouraging banks to offer all sorts of new payment services. More on Citi’s new service tomorrow.