Citi has partnered with IntraFi Networks to introduce an automated system which allows institutional clients to sweep cash into deposit accounts at US branches of non-US banks.
Offered via IntraFi Network’s Yankee Sweep service, Citi’s institutional clients now have a streamlined way to diversify their deposits across multiple institutions, reducing counterparty exposure and maximising yields.
“Citi is pleased to be the first bank in the US to launch this solution in partnership with IntraFi, one of the most innovative companies in the fintech liquidity management space,” says Michael Berkowitz, North America head of liquidity management at Citi’s Treasury and Trade Solutions. “The new capabilities will help our clients balance competing demands for returns, risk management, and daily liquidity while simplifying the process to diversify their counter-party exposure.”
Available to Citi’s institutional clients with US-based accounts, the system provides a means to switch deposits to any bank participating in the IntraFi network.
The platform is currently available with planned expansion and enhancements throughout 2022. “We are looking forward to building out our destination bank network to provide even more utility and choice for our clients,” adds Berkowitz.