The first client to benefit from this platform launch is Nordnet AB, which has gained new lending capabilities and was thus able to expand its already successful securities lending programme to new markets and new client segments. Citi Securities Lending Access represents an end-to-end solution that automates and digitises the entire securities lending lifecycle.
The solution blends Citi’s lending platform and fintech technology from Sharegain in order to allow clients to access tailored lending programmes that meet the requirements of underlying individual investors as well as traditional lenders. The platform was designed to democratise the securities lending industry by providing access to a wide spectrum of investors through their existing banks, investment advisers, or brokers. According to Citi, the solution can also bring a selection of new and diversified securities to borrowers for the first time.
Citi Agency Securities Lending has established a presence in five countries covering 75 lending markets, and it benefits from the local expertise of more than 60 proprietary custody branches. In essence, the product incorporates a differentiated service offering that integrates markets-based experience as well as traditional banking oversight and structure.
Regarding this new product launch in Sweden, Citi officials expressed their belief that it will help pave the way for the future democratisation of securities lending. Regarding Nordnet’s adoption of the solution, they highlighted the platform’s potential to provide increased profitability and additional revenue stream for Nordnet’s end clients.
In October 2022, Citi Treasury and Trade Solutions announced its plans to launch ‘24/7 Clearing’ as a service, starting with 24/7 USD Clearing in Q4 2022. With 24/7 USD Clearing, Citi’s clients received the ability to make USD payments 24 hours a day, 7 days a week, including holidays, across Citi’s 1,500 financial institution customers around the world.
The 24/7 Clearing implementation was designed to serve the need of financial institutions to access always-on payments capabilities. The service supports institutional customers in improving client experience in markets that operate outside of the US working days. This is achievable by meeting collateral requirements on weekends or holidays, processing late-hour payments, supporting interbranch funding, and allowing the client’s retail and commercial customers to process payments around the clock.
In September 2022, Citigroup joined a government-sponsored effort looking to expand credit access in underserved communities. Launched under the Office of the Comptroller of the Currency’s Project REACh, or Roundtable for Economic Access and Change, one programme will issue credit cards to people without credit scores, while other programme will simplify the way in which SMBs owned by minorities, women, and veterans get credit.
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