Citibank Switches to Web-based Delivery of Outsourcing Services
Citibank e-Business, in partnership with treasury systems vendor Trema, has launched its web-enabled treasury outsourcing solution, Citibank Agency Treasury Services. Citibank Agency Treasury Services supplies an ‘end-to-end solution’ for companies and financial institutions that wish to outsource complete treasury operations or selected specific related functions, such as risk management or regulatory reporting. The new platform is supplied on an ASP basis and can also be used as a treasury workstation by non-outsourcing clients. Citibank said Agency Treasury Services will be integrated with the ‘full range of Citibank and third party services’ and would provide straight-through processing of transactions, inputting of deal requests, authorisation of transactions and access to real-time positions on a global basis. Four clients went live in August and Citibank hopes to double the number by the end of the year. The firm’s 70 existing outsourcing clients – largely US subsidiaries in the Irish Financial Services Centre – will be migrated to the web-based platform. The service will be rolled out to North American and Asian clients during the fourth quarter. Ineke Bussemaker, Global Head of Citibank Agency Treasury Services, predicted that the outsourcing treasury market would soon reach full capacity, adding, ‘Not all of the big six cash management banks are in this market today.’