Citigroup has launched an API for payment initiation, payment status, and account balance inquiries at corporate treasury workstations and enterprise resource platforms.
Citi has worked with a core group of clients to pilot the API service, which they have integrated into their treasury processes to deliver payments real time to Citi, and collect information on the status of their payments.
Citi says the new API meets treasurer's evolving needs for easy access to payment data without the need to build applications or interfaces to connect to proprietary banking portals.
Naveed Sultan, Citi's clobal head of treasury and trade solutions, says: “API based integration is one of the biggest topics across the industry. And with CitiConnect API TTS offers the right solution on a global scale. This new, innovative offering provides Citi’s clients ultimate flexibility and choice of how, where and when they want to access Citi’s network using their existing treasury applications.”
He says that over time, the bank will roll out additional functionality, including service inquiries, account management, and liquidity services.
In November, the bank opened a global API developer hub for the retail market, billing the move as an evolution of the firm's technology stack to an open architecture.