Citi Implements New Corporate-to-Bank Swift Standard for Trade

  Citi Implements New Corporate-to-Bank Swift Standard for Trade

   Offering enhances Multi-banking capabilities for Trade Services Clients

Business Wire

NEW YORK -- February 13, 2013

Citi now supports multinational corporate clients in their trade flows using
the new Corporate-to-Bank SWIFT Message Type (MT) 798. The MT 798 enables
clients to generate trade flow communications with any SWIFT MT798 capable
bank. Citi launched this service for corporate clients in the fourth quarter
of 2012.

Based on input from corporates, banks and technology vendors, SWIFT
facilitated this new message to create greater efficiencies for clients
communicating with multiple banks. The new message type allows clients to send
a single message which can transmit their trade flow information, eliminating
the need for a client to access the proprietary platforms of each
SWIFT-enabled bank.

“Use of MT 798 removes the complexity of running multiple platforms for a
common purpose,” said Andre Casterman, SWIFT Head of Corporate and Supply
Chain Markets. “Both banks and corporates have the freedom to make their own
technology decisions and yet can connect with all of their counterparties.
This also translates into cost savings and avoids vendor lock-in”

Citi recognizes that corporate clients will continue to demand multi-banking
trade platforms. “Trade banks are embracing the move toward shared
multi-banking platforms,” said Fran Martell, Global Capabilities Product
Manager at Citi. “We are listening to our clients as we embrace the MT 798 and
evaluate similar solutions for open account and related financing.”

Citi Transaction Services, a division of Citi’s Institutional Clients Group,
offers integrated cash management, trade, and securities and fund services to
multinational corporations, financial institutions and public sector
organizations around the world. With a network that spans more than 95
countries, Citi’s Transaction Services supports over 65,000 clients. As of the
fourth quarter of 2012, it held on average $428 billion in liability balances
and over $13.2 trillion in assets under custody.

About Citi:

Citi, the leading global bank, has approximately 200 million customer accounts
and does business in more than 160 countries and jurisdictions. Citi provides
consumers, corporations, governments and institutions with a broad range of
financial products and services, including consumer banking and credit,
corporate and investment banking, securities brokerage, transaction services,
and wealth management.
Additional information may be found at www.citigroup.com | Twitter: @Citi |
YouTube: www.youtube.com/citi | Blog: http://new.citi.com | Facebook:
www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi

Contact:

Citi
New York
Nina Das, 212-816-9267
nina.das@citi.com
 
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