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Citi Service Insights Launches on CitiDirect BE®

By Steve Murphy
April 19, 2021
in Analysts Coverage, APIs, Banking, Commerce, Commercial Payments, Credit, Cross-border Payments, Debit, Digital Banking, Digitalization, Emerging Payments, Faster Payments, Merchant
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Intelligent Loan Default Management- Non-Banking financial services, CitiDirect

Intelligent Loan Default Management

This release on the Citi website is about a new service launch by the corporate banking giant through its Treasury and Trade Solutions (TTS) business, which they are calling Citi Service Insights (CSI).  The new solution provides both service initiation and case management features, document interaction, audit trail and a dashboard to help manage all open inquiries. 

A unique component of the new service is that it is integrated via APIs with SWIFT gpi Case Resolution through its already existing Citi Payments Insights (CPI) solution, which is in turn a component of the client facing service portal Citidirect BE.  As a result, cross-border payments servicing capabilities are greatly simplified and enhanced.

‘This new digital service provides clients with a centralized view to manage or close all their service inquiries globally and also allows clients to open several types of inquiries digitally. Previously, this was done through a combination of manual processes, which have now been digitized to increase transparency and speed for issue resolution. Additionally, with the integration of gpi Case Resolution, clients have direct access to dynamic interbank query handling across the SWIFT network resulting in faster payments resolution and settlement.’

We had the opportunity to speak with Melissa Tuozzolo, Head of Payments Financial Market Infrastructures and Industry Initiatives for Citi’s TTS, who advised that once a client enrolls with CSI, they have a seamless experience for any type of payment tracking, either domestic or cross-border, given the integration with the Citi CPI solution. “We do a lot of work with payments industry groups to contribute towards a more modern digital payments landscape. Citi was an early adopter of SWIFT gpi, and actually had a hand in the planning and development of gpi Case Resolution.  Our clients will also reap the benefits of the network effect in gpi Case Resolution as more banks adopt the solution, broadening the ability to exchange information when managing cases” said Tuozzolo. 

In out CEP Outlook for 2021, we outlined four themes for ongoing success in corporate banking and payments.  One of those themes is collaboration, a key way for banks to provide what clients are increasingly demanding – a work experience that approximates how one easily navigates through personal digital tasks. This is a big step in that direction.

‘COVID-19 has driven and accelerated demand for digital self-service tools as well as greater automation in the post payment processing space. As a part of its goal to create a digital platform for commerce, Citi has now created the capability for clients to digitally access information related to service inquiries through Citi Service Insights on its award-winning client facing portal, CitiDirect BE. Clients are now able to track payment services digitally, with a centralized view of inquiries through a dashboard and digital connectivity, eliminating the need to contact Citi Service via phone, email or SWIFT message.’

Overview by Steve Murphy, Director, Commercial and Enterprise Payments Advisory Service at Mercator Advisory Group

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Tags: APIsBankingCitiCitizens BankCommerceCovid-19Cross-Border PaymentsDigital PaymentsFaster PaymentsProcessorsSWIFT gpi

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