Companies

Citi's Latest Move Could Wreak Havoc on Consumers’ Finances

"Citi is doubling-down on its push to make customers switch to paperless billing. The bank is threatening to cut customer’s access to their bank accounts online if they refuse to go the paperless route."

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Companies

Citi and Navan Launch First Complete Travel and Expense System for Citi Commercial Bank Clients

Business Wire

"Citi and Navan, a leading modern travel and expense management solution, announced the launch of a new, jointly branded travel and expense system designed for Citi Commercial Bank (CCB) cardholders."

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Companies

Citi Develops New Digital Asset Capabilities for Institutional Clients

Citigroup

"Citi Treasury and Trade Solutions announces the creation and piloting of Citi Token Services for cash management and trade finance. The service uses blockchain and smart contract technologies to deliver digital asset solutions for institutional clients."

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Companies

Citi Launches Suite of Auto-Enabled Payment Solutions for Financial Institutions

Businesswire

"Citi Treasury and Trade Solutions launches a set of four payment solutions for Financial Institution (FI) clients, which are designed to improve the client experience for their end users. It includes: Extending the capabilities of Citi’s 24/7 USD Clearing for FIs to include payments to companies and individuals; Confirmed Value Transfer (CVT), allowing for transparency on associated deducted fees ahead of initiating a transaction when there are multiple parties involved in processing a USD cross-border payment; Ability to initiate payments in over 70+ currencies from a single USD account; Access to Swift Go"

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Companies

Citi TTS Selects Pismo to Enrich Global Demand Deposit Account Solutions

Citigroup

"Citi Treasury and Trade Solutions (TTS) and Pismo, the next-gen banking and payments software company, jointly announced their relationship in which Citi will use Pismo’s technology platform to help strengthen Citi’s corporate demand deposit accounts (DDA), to clients worldwide."

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Companies

Citigroup to Spin Off its Mexico Business, Banamex, After Sale Efforts Collapse

CNBC

"Citigroup said Wednesday it plans to pursue an initial public offering of its Mexico business, Banamex, scuttling a 16-month effort to find a buyer for the unit. The bank expects to complete the separation in the second half of 2024, with a public offering likely to follow in 2025, Citigroup said in a release. It hasn’t yet decided on a listing destination, but a dual listing in Mexico and the U.S. is possible, a source familiar with the plans told CNBC."

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Companies

Citi Retail Services Expands Embedded Payment Capabilities with Citi Pay

Business Wire

"As a leader in U.S. payments, Citi Retail Services, one of North America's largest and most experienced retail payments and credit solution providers, is expanding its embedded payments strategy with its suite of Citi Pay® products. Designed with customers and merchants in mind, the new family of products will deliver a digital-first, consumer finance journey in partner checkout processes."

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Companies

Walmart and Citi Introduce the Bridge Built by Citi® Platform to Walmart Suppliers

Citigroup

"Walmart and Citi are collaborating to introduce the Bridge built by Citi platform (“Bridge”) to Walmart’s 10,000 small- and medium-sized businesses (SMBs) in their US-based supplier network. Bridge is a digital platform that connects SMBs with a diverse group of more than 70 lenders that provide qualifying businesses with loans of up to $10 million."

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Companies Domains

Banks Explore Tokenizing Liabilities with Eye Toward Gains in Instant Settlement & Risk Management

Thomson Reuters Institute

“Banks and distributed ledger technology (DLT) companies are together exploring ways to bring regulated liabilities — commercial bank money, central bank money, and e-money — onto a blockchain network that could ultimately deliver an “always on”, programmable, instant transaction settlement system to replace legacy payments infrastructure. “As DLT has the potential to represent multiple forms of digital value, we might go further and envision the creation of networks that tokenize regulated liabilities and assets on the same chain,” wrote Tony McLaughlin, head of emerging payments and business development in Citibanks’ trade solutions business, in a recent article. “Such a network would be significantly different from today’s siloed financial architecture — a regulated internet of value.””

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Companies

Citi Launches SEPA Instant Payments in Europe

“Citi has announced the launch of Single Euro Payments Area (SEPA) Instant Payments in Europe, further increasing the bank’s global Instant Payments offering. The launch will provide clients with the ability to pay to and receive from 36 SEPA countries instantly. The offering allows SEPA Credit Transfers to be made within seconds, 24/7 and funds available to recipients immediately. Payments can be made to and received from SEPA Instant participating banks located anywhere within the 36 country SEPA zone. The new offering provides clients with a single point of access through Citi’s platforms, CitiConnect® for Files, CitiConnect® API and CitiDirect®, for executing Instant Payments. With standardized connectivity platforms, clients will benefit from a scalable solution that can facilitate rapid global expansion within a consistent architecture.”

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Companies Tech

Citi Retail Services Launches New Shell | Fuel Rewards Credit Cards

“Citi Retail Services, Shell Oil Products US and Excentus, a PDI company, owner and operator of the Fuel Rewards® program, are excited to introduce the new Shell | Fuel Rewards Mastercard® and the private label Shell | Fuel Rewards Card. In an industry-first move, these cards will combine fuel and non-fuel savings opportunities through the Fuel Rewards program, simplifying the customer experience into a single product.”

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Companies Tech

CITI VENTURES INVESTS IN AI SOFTWARE COMPANY ANACONDA

APAC Newswire

“American Banker, citing Citi Ventures, reported that the investment shows banks are embracing and implementing AI. According to the report, the investment provides more insight into how Citigroup is using AI across the company. The software is popular with younger generations, which is an important group to attract.”

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