Citi today announced that its Global Transaction Services division has earned Bank Readiness Certification from Swift.
Having achieved certified status on SWIFT's online database, Citi has demonstrated its ability to support the communication needs of corporate customers around the world through its extensive SWIFT Corporate Access Connectivity footprint available in 90 countries.
"As a major supporter of SWIFT and a leading provider of SWIFT Corporate Access to customers around the world, Citi is delighted to have earned this designation of readiness," said Michael Knorr, Global Head of Connectivity Services & Capabilities with Citi's Global Transaction Services. "Because of our vast global footprint, Citi is able to bring bank network connectivity to more customers in more countries, making the advantages of SWIFT more accessible."
The SWIFT Bank Readiness Certification program offers corporates insight so they can fully evaluate and realize the benefits of SWIFT capabilities. The SWIFT model provides corporates the opportunity to standardize and optimize their banking connectivity architecture through multi-bank corporate connectivity. By moving towards a single, global open standard such as SWIFT, corporates will be able to recognize a host of benefits including cost efficiencies, improved controls, effective risk management and increased global visibility on funds.
Citi's SWIFT solutions utilize an automated and centralized approach, which allows the bank to leverage its extensive global branch network through a single BIC (Business Identifier Code) connection. Citi has long supported SWIFT Corporate Access through participation on the Corporate Advisory Board and by promoting the development of communication standards such as the ISO20022 XML format for financial corporate-to-bank messaging.