Citi Expands Its Payments Innovation Toolkit with Investment in Icon Solutions
06 Dezembro 2023 - 10:00AM
Business Wire
Citi Treasury and Trade Solutions (TTS), within Citi’s Services
organization, has made an investment in Icon Solutions, a leading
fintech provider of payments technology and consultancy services.
In addition to the investment, Citi plans to expand its use of the
Icon Payments Framework (IPF) to enhance its micro-services
orchestration architecture. This investment and relationship with
Icon Solutions demonstrates Citi’s strategy of working with
fintechs to strengthen its technology and payments
capabilities.
Citi is working on a multi-year modernization effort of its
payments platforms. As part of the program, Citi is working with
and has invested in Icon Solutions to expand its innovation toolkit
and futureproof its payments services. TTS will be using the IPF as
part of its micro-services architecture.
Citi’s new payment platform will prioritize flexibility and
accelerate the bank’s ability to respond to the exponential pace of
change in payment infrastructure and the regulatory environment, as
well as evolving client demands in an increasingly 24/7, real-time,
digital-first environment.
Debopama Sen, Head of Payments, Citi Treasury and Trade
Solutions, said: “We are on a journey to unlock the full potential
of the Citi network and respond to the need for a streamlined and
efficient payment processing system. Through this relationship, we
are removing platform complexity across our multiple products by
following a process of ‘de-platforming’ common business services
and creating reusable and extensible services that can be
orchestrated using the IPF framework.”
“Our new approach will empower our engineering teams to respond
quicker and more efficiently to industry developments, such as ISO
20022, and deliver high-quality innovation and functionality for
our clients,” she added.
Benefits of the payment transformation program include:
- True end-to-end ISO native payments that meet evolving industry
and regulatory requirements, and deliver richer data to
clients
- Futureproof solutions that are scalable and cloud-ready
- API-driven interfaces to enhance and accelerate client access
to data
Citi TTS manages a global network that spans more than 95
countries with membership in over 270 clearing systems. Clients can
make payments in 145 currencies through an interface that is
intuitive and globally consistent. With ongoing investments such as
this, it will continue to meet clients’ needs for feature-rich,
low-latency, high-throughput, always-on, 24/7 borderless
payments.
Nick Nadgauda, Head of Technology, Citi Services, said: “The IPF
enables Citi’s engineers to build, deploy and test capabilities
rapidly. Coupled with independently deployable and evolvable
micro-services, Citi will be able to horizontally scale for growing
payments volumes and improve time to market.”
Tom Kelleher, Co-Founder and Director, Icon Solutions, adds: “We
are proud to be working with Citi on their journey towards a truly
efficient, flexible payments platform. By reimagining its payments
processing to reflect a rapidly evolving ecosystem and emerging
customer requirements, Citi can meet the opportunities and demands
of tomorrow. IPF offers a sustainable alternative to traditional
infrastructure to support this change, empowering Citi to take
control, overcome complexity and simplify payments transformation
across the organization.”
Citi TTS helps enable its clients' success by providing an
integrated suite of innovative and tailored cash management and
trade finance services to multinational corporations, financial
institutions, and public sector organizations across the globe.
Based on the foundation of the industry's largest proprietary
network, with banking licenses in over 90 countries and globally
integrated technology platforms, TTS continues to lead the way in
offering a comprehensive range of digitally enabled treasury,
trade, and liquidity management solutions.
About Citi Citi is a preeminent banking partner for
institutions with cross-border needs, a global leader in wealth
management and a valued personal bank in its home market of the
United States. Citi does business in nearly 160 countries and
jurisdictions, providing corporations, governments, investors,
institutions and individuals with a broad range of financial
products and services.
Additional information may be found at www.citigroup.com |
Twitter: @Citi | LinkedIn: www.linkedin.com/company/citi | YouTube:
www.youtube.com/citi | Facebook: www.facebook.com/citi
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version on businesswire.com: https://www.businesswire.com/news/home/20231206166761/en/
Media: Stephanie Hyon Citi Global Communications +1 (212)
816-3397 stephanie.hyon@citi.com
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