CitiConnect processes over 150 million API calls globally

Citi’s API connectivity platform, CitiConnect, has processed more than 157 million API calls since its launch in November 2016, the bank has revealed. Citi has moved over $26 billion for clients using a set of over 50 unique APIs since its launch.

CitiConnect Treasury Services API adoption grew by 750%, from 18 million calls in November 2018 to over 157 million calls by August 2019 – the number of connected clients has increased from 6 to over 55.

It is a reflection on Citi’s rapid growth of instant payments schemes the regions that majority of these API calls were from the Asia Pacific and European region.

The growth for CitiConnect is being driven by fintech, telecom, multimedia and technology companies, with the most popular API calls being Account Balance Inquiries, Payment Status Reports, and Making Payments.

Reducing time by processing payments automatically

CitiConnect APIs let clients seamlessly access a growing number of Citi solutions directly into their treasury workstations or enterprise resource platforms (ERP).

It offers APIs for both data driven services and transactions. Data driven services include self-service reports, real-time FX information, and account services such as statements, cut-off times and proof of payment. Transactions include payments, request-to-pay, and WorldLink transfers.

Florencia Bellasi, CFO for Moni Online commented: “The CitiConnect APIs solution has allowed Moni Online to process payments automatically, without any kind of manual intervention. Additionally, the solution has helped reduce the time that our customers have to wait to get the loan disbursed into their account from approximately an hour to now a couple of seconds, even on weekends.”

Moni Online is the first Argentinean e-lending company in an app.

Radim Rezek, CEO at Flatio.com added: “We needed a real-time, on-demand solution to enable us to offer the ultimate client experience. As a digital native, our global rollout is based on an API-first strategy, so Citi’s API program was perfectly aligned with our requirements. Our accounts can now make seamless Funds Transfers and SEPA payments across multiple countries and receive statement data on-demand. The solution definitely helps us to stand out from the competition.”

Transformation and adding real value

CitiConnet API solutions are supported through an ecosystem that includes strategic partnerships with various treasury software providers, including FIS, Kyriba, Oracle and SAP. Along with the CitiConnect API Developer Portal and Testing Portal, Citi Treasury and Trade Solutions (TTS) supports API-based integration in a globally consistent way across TTS’ global footprint.

Citi TTS enables 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 the industry’s most comprehensive range of digitally enabled treasury, trade and liquidity management solutions.

Tapodyuti Bose, Global Head of Digital Channels and Data at Citi’s Treasury and Trade Solutions said: “CitiConnect APIs are serving an ever-greater number of clients in every business sector with a growing product range that is helping facilitate their new business operating models while moving treasury processes to real time to improve visibility, control and efficiency. Clients tell us that integrating CitiConnect APIs into their treasury workstations and ERP systems is transformative and adds real value. In the past year, our APIs have been instrumental in bringing instant payments and real time banking to new markets and helping clients evolve new business models and enter new industries.”

Open banking and APIs essentially allow for fast, frictionless cash management, and are ultimately expected to replace traditional connectivity protocols like SWIFT and FTP as the default link between banks and TMS and ERP platforms.