Citi leverages SWIFT gpi to launch innovative payment insights service
Citi® Payment Insights service leverages Citi’s gpi capability to provide its institutional clients with complete visibility over the transaction lifecycle
Citi has launched Citi® Payment Insights, a new service which leverages the payment transparency delivered by SWIFT gpi to provide the bank’s institutional clients with real-time payments visibility, and ability to action payments on-demand via its electronic banking platform.
The service provides clients with 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 gpi. Launched in 50 markets, the enhanced visibility includes processing status, processing timelines, charges deducted across correspondent banks, and the amount credited to the beneficiary.
“This new service highlights our dedication to provide a frictionless experience to our clients in a rapidly changing business environment”, said Naveed Sultan, Citi’s Global Head of Treasury and Trade Solutions. “We are constantly searching for innovative solutions to help our clients succeed in the digital economy.”
“Clients are at the center of our strategy to continually improve security, transparency, speed, convenience and efficiency in the global payments industry.” said Manish Kohli, Global Head of Payments and Receivables, Citi Treasury and Trade Solutions. “Citi® Payment Insights is a significant step forward in executing on this strategy. This service will deliver tangible value to all our client segments and the new technology platform sets the foundation for future innovations” he added.
“It’s great to see a leading financial institution like Citi building on SWIFT gpi to create tangible value for the bank and its clients,” said Wim Raymaekers, Head of gpi, SWIFT. “This service is an excellent example of how banks are using gpi as a platform to deliver an enhanced experience to their customers."
Citi® Payment Insights has been designed based on client feedback, and the features 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
SWIFT gpi dramatically improves cross-border payments across the correspondent banking network, and not least for corporates for whom speed, certainty and a smooth international payments experience is an absolute must.