Citi’s Digital Channels Process One Billion API Calls From Corporate Clients
CitiConnect API, Citi's Application Programming Interface (API) connectivity platform, has reached a new milestone of processing more than one billion API calls since its launch in late 2017. This rapid rise in API volume is fueled by the many changes our clients are facing due to the rapidly evolving business environment, including supporting direct-to-consumer flows, new e-commerce models, the switch from batch to real-time, and the advance of Instant Payments. Whether it is to top up mobile wallets in India, disburse micro loans in Argentina, or pay instantly in the USA, Citi’s digital channel solutions play a pivotal role in helping clients of Citi Treasury and Trade Solutions (TTS) reach their goals and navigate a transforming industry. Citi has collaborated with leading providers of enterprise resource platforms (ERP) and treasury workstation systems and FinTechs to embed API capabilities in an effort to build a seamless integration experience.
“Our ultimate goal is to deliver an exceptional client experience that is fully digitized and highly automated,” said Shahmir Khaliq, Global Head of Citi Treasury and Trade Solutions. “As a part of our ongoing digitization efforts, we continue to elevate our user experience by providing clients with improvements driven by data insights and feedback, as well as expanding our intelligent and seamless connectivity solutions.”
The rapid adoption of APIs is driven primarily by companies in the fintech, telecom, multimedia and technology industries. The APIs for Treasury Services, accessed through CitiConnect, allow clients to integrate seamlessly with Citi to access a growing number of Citi solutions directly from their treasury workstations or ERP of choice. To help solve important needs for visibility and transparency, some popular API calls include Account Balance Inquiries, Payment Status Reports, requesting FX rates and booking FX contracts. During the pandemic, CitiConnect API volume steadily increased 60% from the prior year in 2020, as measured by message volume and transactional value, helping our clients with operational resiliency while they continue to operate in remote or continuity-of-business (COB) modes.
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