Citi® Payment Analytics Wins Celent Model Bank Award for Product Development
NEW YORK--(BUSINESS WIRE)-- Citi® Payment Analytics offering has won a Celent Model Bank award for Product Development. The award, which seeks to answer the question "What would it look like for a bank to do everything right with today's technology?" is awarded annually as recognition of a bank's effective use of technology to improve performance and meet market demands.
In May 2012, Citibank launched the Citi Payment Analytics tool available through CitiDirect BESM, Citi's market leading online banking platform, providing clients with a consolidated view of their payments data via scorecards and easy-to-read graphics enabling them to strategically manage payments activities across multiple payment types, currencies, channels and geographies. The Payment Analytics tool helps empower clients with the knowledge they need to better manage their payments by providing:
Comprehensive views of all payment transactions processed by Citi
Interactive dashboards and drill down reports allowing clients to see transactions across payment types, submission channels and geographies
Consolidated client data view including payment trends, breakdowns by payment type, reject/repair/returns, countries and currencies, as well as transaction level details
Data transparency to allow clients to better understand and improve operational efficiency relating to their payment activities, and help make sound working capital decisions.
With faster access to relevant and actionable information, clients are able to monitor their cash outflows, execute more strategic financial planning and, as a result, optimize their working capital.
"The Citi Payment Analytics tool represents a truly global solution that provides clients with a consolidated view of all their payments across payment types, currencies, channels and geographies," said Ebru Pakcan, Global Head of Payments. "This tool continues to deliver value to our customers as a solution that helps transform payments data into actionable business intelligence. This award demonstrates Citi's strength in the market place and dedication to continuous innovation."
"We are very pleased that Payment Analytics on the CitiDirect BEplatform has received a Celent Model Bank award for Product Development," said Naveed Sultan Global Head of Citi's Treasury and Trade Solutions. "In today's increasingly competitive and global environment, Citi continually strives to develop innovative services that will provide the highest level of process efficiency for our clients around the world. This award is a testament that Citi's new Payment Analytics tool is a real innovation in the treasury space."
"Celent is pleased to present a Model Bank award to Citi Payment Analytics," said Bob Meara, Senior Analyst with Celent's Banking Group and coauthor of the report. "Among the many excellent nominations this year for Product Development, Citi's tool providing transparency, control, and improved accuracy exemplified a best practice within the banking industry and an innovative service for clients."
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.
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.
Nina Das, +1 212-816-9267
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