Citi has embarked on a multi-year modernisation strategy of its payments platforms. As part of the programme, Citi is working with and has invested in Icon Solutions to expand its innovation toolkit and futureproof its payments services. TTS will be using the Icon Payments Framework (IPF) as part of its micro-services architecture.
The bank’s new payment platform will prioritise flexibility and enable it to swiftly respond to changes in the payment infrastructure and the regulatory environment, as well as evolving client demands in an increasingly 24/7, real-time, digital-first environment.
Representatives from TTS want to unleash the full capabilities of the Citi network and address the demand for a more streamlined and effective payment processing system. Through this relationship, they are simplifying platform intricacies across various products by implementing a strategy of 'de-platforming' common business services. This involves developing reusable and adaptable services that can be coordinated through the IPF framework. Their new approach will enable them respond quicker and more efficiently to industry developments, such as ISO 20022, and deliver high-quality innovation and functionality.
Benefits of the payment transformation programme include:
True end-to-end ISO native payments that meet evolving industry and regulatory requirements, and deliver richer data to clients;
Futureproof solutions that are scalable and cloud-ready;
API-driven interfaces to enhance and accelerate client access to data.
Citi TTS operates a global network that spans more than 95 countries with membership in over 270 clearing systems. Clients can make payments in 145 currencies through an interface that is intuitive and globally consistent. With ongoing investments such as this, it will continue to meet clients’ needs for feature-rich, low-latency, high-throughput, 24/7 borderless payments.
Citi’s officials said that the IPF enables them to build, deploy, and test capabilities rapidly. Coupled with independently deployable and evolvable micro-services, Citi will be able to horizontally scale for growing payments volumes and improve time to market.
In response to this development, the founders of Icon Solutions expressed their satisfaction with collaborating with Citi as the latter progresses towards achieving a genuinely efficient and flexible payments platform. By reshaping its payments processing to align with an evolving ecosystem and customer needs, Citi is positioned to address the opportunities and challenges of the future. The IPF presents a sustainable alternative to the traditional infrastructure, facilitating Citi in gaining control, navigating complexity, and streamlining payments transformation throughout the organisation.
Citi TTS helps enable its clients' success by providing an integrated suite of innovative and tailored cash management and trade finance services to multinational corporations, financial institutions, and public sector organisations across the globe. Based on the foundation of its proprietary network, with banking licenses in over 90 countries and globally integrated technology platforms, TTS continues to offer a comprehensive range of digitally enabled treasury, trade, and liquidity management solutions.
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