Citi today announced the launch of the eSource Center for Banks, the first on-line information portal that harnesses the collective knowledge of its global and local market experts to deliver valuable market and product information to its correspondent bank clients.
This information channel was developed in direct response to clients' needs to help identify market opportunities and access tools to support business decisions. The eSource Center for Banks provides insights on markets, regulations, and banking trends.
"We approach the correspondent banking market as a strategic partnership between Citi and our clients. And we focus on the holistic experience clients have when they do business with us. We believe that adding value as a strategic partner is more than delivering best-in-class products and service, it's about harnessing the knowledge and expertise of the individuals that make up Citi. The eSource Center is designed to deliver the value of our network to our clients to help them stay informed in our changing market and provide tools to support better business decisions," says Bharat Sarpeshkar, Global Head of Bank Services at Citi's Global Transaction Services.
According to FImetrix, the leading provider of market research and consulting in the field of international financial services, the correspondent bank market is changing. David Burnett, CEO of FImetrix, says, "Firms are now looking to their transaction providers for thought leadership, market and product knowledge delivery. Syndicated regional surveys of more than 600 banks across all geographies indicate that satisfaction levels tend to be higher amongst service providers who offer training and share market knowledge with their clients."
The eSource Center for Banks is being unveiled at Sibos 2011. Its content includes information on doing business in different geographies and displays standard market practice in more than 100 countries in the form of Country Profiles, created by local teams with deep knowledge of the financial infrastructure. Also available is information on regulatory and infrastructure change, updated quarterly by Citi's Market Policy team. This information provides insights on the impact of new financial regulatioti's Market Policy team. This information provides insights on the impact of new financial regulations, commentary on potential future change, and advice as to how Citi is managing change. The eSource Center for Banks highlights Citi's training opportunities through its robust on-line training facility, Online Academy, and in-person events and classes held throughout the world. Opinion articles, fixed income and currency research, video commentary, and recorded training sessions deliver information at the convenience of the user.
Separately, Citi today announced that its Global Transaction Services unit has released a set of enhanced Payments reporting capabilities specifically designed for its Financial Institution (FI) clients.
As banks around the world emerge from the financial turmoil, there is a continuous need to manage intra-day liquidity and counter-party risks while improving operational efficiency in order to maximize margin. Additionally, changes in regulation have made it increasingly important for FIs to be able to monitor and review their payments at various points in the operational cycle.
Citi’s newly enhanced Payment Flow Manager (PFM) with added functionality gives users the legacy features of PFM, including real-time access to processing information and now, with these enhancements, greater control over their payment flows. These combined capabilities provide significant improvements in transparency for both Citi’s clients.
“We know that regulatory changes and FIs’ own needs to maintain liquidity have increased the demand for access to pertinent transaction details. These combined capabilities provide significant improvements in transparency for everyone involved in the payment chain” commented Emma Loftus, Head of Global Payments for Financial Institutions at Citi.
Citi has also taken client service to the next level with its new, complementary tool to PFM, Citi® Payment Advisor. This allows banks and their counterparties to retrieve transaction details anywhere, anytime through a simple link that’s readily accessible. Payment Advisor is also available through the CitiDirect® platform.
“Instead of contacting the correspondent bank directly or navigating through a complicated online portal to find what they need, beneficiaries can get instant access to payment details through Citi Payment Advisor.” Loftus explains. “This tool was designed to give any party in the payment chain the ability to check the status of a transaction – the bank client, their branches, thei