FIS and Citi team up for real-time payments for corporate treasury
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 integration with Citi’s core treasury management functionality, including payment initiation, transaction status inquiry and balance inquiry.
Naveed Sultan, global head of treasury and trade solutions, Citi, says the deal shows how treasury can use API functionality to “effectively manage their transaction banking activity directly from their own trusted applications, whether on a tablet, mobile device or laptop”.
According to the firms, the connection allows their mutual clients to execute, manage, monitor and report on their transaction flows in real-time, “increasing cash management and visibility”.
As with many other announcements by companies, they also say the initiative also enables their corporate customers to be better prepared for forthcoming open banking and cross-border payments requirements.
CitiConnect is part of Citi’s omni-channel digital banking product suite that also includes CitiDirect BE, CitiDirect BE Mobile and CitiDirect BE Tablet.