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Citi unveils electronic banking platform for institutional clients

Jack Loo | Oct. 30, 2013
CitiDirect Bank Evolution can be accessed on desktops/laptops, smartphones and tablets.

Citi unveiled an updated version of its CitiDirect Banking Evolution (BE) platform that the banking giant says can transform electronic banking for institutional clients with the system's analytic capabilities and multi-channel offerings.

"Let us spark the next 'wow' within the space of corporate and institutional banking with CitiDirect BE, just like how the iPhone transformed the smartphone industry," said Melvyn Low, ASEAN Head for Citi Treasury and Trade Solutions.

The platform addresses the key challenges institutions face around accessing timely, accurate, relevant and easy to understand information so that new opportunities can be identified and prompt decisions can be made to improve business outcomes.

Clients can access the electronic banking platform through three channels; desktops/laptops, smartphones and tablets. The channels have different features to meet the distinct requirements of financial professionals with different job functions and requirements within an organisation.

For instance, the Payment Analytics module on the desktop/laptop channel enables clients to monitor rejections for transactions which could have been processed in a straight-through manner. Clients will be able to take corrective actions to ensure timely payments.

The CitiDirect BE Mobile allow clients to authorise transactions using their smartphones, while CitiDirect BE Tablet offers a dashboard view of cash positions across the world where a company is present. The tablet channel will only be available for early next year, added Low.

"We are very excited about the launch of CitiDirect BESM in Singapore. The revolutionary platform has moved beyond basic transaction banking functionalities which are widely provided in the market today. Clients can expect a totally new experience with its contemporary design, intuitive user interface and enhanced analytic capabilities which will significantly improve their decision-making abilities," said Anita Loh, Singapore Head, Product Management for Citi Treasury and Trade Solutions.

While the CitiDirect platform was first introduced over a decade ago with proprietary software programming, the current version is built on service-oriented architecture (SOA) design that allows Citi developers to quickly roll out functions, said Low. He added that although the build of the new CitiDirect BE was a global effort, the idea for the tablet module was first conceived in the Citi Innovation Lab in Singapore.

Meanwhile, clients who sign up to the CitiDirect BE platform can enjoy the services free for the first six months.


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