Citi partners with Traydstream

Citi acknowledges the complexities and difficulties faced by businesses involved in cross-border trade, with its objective being to deliver improved solutions to address them through various collaborations. Traydstream offers cloud-based automated document-checking solutions that support the acceleration of formerly time-consuming trade procedures, including letters of credit and collections. By joining forces, Citi and Traydstream intend to simplify the review and examination of documentation in agreement with documentary credit terms, to support in mitigating risks, reducing operational load, as well as cost.

According to officials, Citi’s partnership with Traydstream underlines the former’s commitment to offering clients advanced tools and technologies to facilitate trade. The financial institution aims to reduce the trade industry’s reliance on paper and supports the movement towards a more environmentally friendly sector. Representatives from Traydstream stated that the company’s platform merges machine learning capabilities with a rule engine and a trade compliance checking solution set. Traydstream’s platform is cloud-based and provides security features while being both vertically and horizontally scalable.

Citi is a banking partner for institutions with cross-border requirements, a participant in wealth management, and a personal bank in its home market of the US. Currently, Citi conducts business in more than 160 countries and jurisdictions, offering corporations, governments, investors, institutions, and individuals a range of financial products and services. To advance its development strategy, the bank entered multiple collaborations and launched new products in recent months.

In November 2023, Citi developed an application that leverages blockchain to price and execute bilateral spot foreign exchange (FX) trades. The application was developed for Project Guardian, an initiative in partnership with the Monetary Authority of Singapore (MAS) and the financial industry. Moreover, the product utilised blockchain infrastructure to provide the pricing and execution of bilateral spot FX trades. At that time, representatives from Citi underlined the institution’s commitment to developing foundational capabilities for offering liquidity, pricing, and risk management globally, whether through traditional channels or blockchain.

At the beginning of October 2023, Citi partnered with Versana to launch its agented syndicated loans on the latter’s digital data platform. The collaboration allowed Citi to be connected to the Versana transformative digital data platform, which was set to enable syndicate loans agented by the company to be available on the latter’s subscriber base in real-time, securely, and conveniently. Furthermore, Citi was included in Versana’s list of founding investors, such as Bank of America, Credit Suisse, and J.P. Morgan.

During the same period, Citi announced that it settled trades of China Asset Management on the Hong Kong Exchanges and Clearing (HKEX) Synapse platform. At that time, the trade was among the first executed and settled on the recently launched platform. Synapse is HKEX’s integrated settlement acceleration platform developed to complement the Northbound Stock Connect post-trade infrastructure, which was launched in 2014.

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