Citi hits $1 trillion mark in institutional mobile banking

Citi hits $1 trillion mark in institutional mobile banking

Citi has crossed the $1 trillion transaction value milestone in global institutional mobile banking just five years after it started letting clients handle their money through handsets.

Launched in 2011 by the bank's Treasury and Trade Solutions unit, CitiDirect BE Mobile gives corporate treasurers access to functions such as payment initiation, authorisation and release, trade authorisation, global cash position and payment status monitoring as well as real-time notifications.

It was developed at the Citi Innovation Lab in Dublin, with a tablet version arriving in 2013 as the move from online to mobile accelerated.

Mike Whitaker, global head, institutional clients, group operations and technology, Citi, says: "CitiDirect BE Mobile’s ease of use reflects our ability to deliver best-in-class institutional banking solutions through strong client partnerships and focused execution across our in-house innovation labs as well as technology, operations, product, and relationship teams."

Comments: (1)

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 24 February, 2016, 18:321 like 1 like

Sounds impressive but somewhat pales into insignificance when seen against the total value of high value payments handled by Citi, which used to $1T per day at one time and may have gone up even further by now.