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Citi (C) Rolls Out Auto-Enabled Payment Solutions for FIs
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Citigroup Inc. (C - Free Report) has rolled out a set of functionalities as part of its Treasury and Trade Solutions services.
The four payment solutions are designed to improve the client experience that financial institutions (FIs) offer to their end users. These capabilities can be used with less or no implementation work or technology build.
The new set of solutions includes extending the capabilities of Citi’s 24/7 USD clearing for FIs to include payments to companies and individuals. This will help FIs to make commercial payments (payments that are handled for the retail and corporate clients of the banks) in addition to bank-to-bank payments. The new capability will cater to more than 100 FI clients that currently use Citi’s 24/7 USD clearing service since its launch in late 2022.
Confirmed Value Transfer is a new solution that will standardize and inform the sending institution of the fees deducted ahead of initiating a transaction when multiple parties are involved in processing a US dollar cross-border payment. By providing a view of downstream deduction, the feature allows greater transparency and improves the underlying client experience.
The third functionality added allows the ability to initiate payments in more than 70+ currencies from a single US dollar account. This offers a cost-efficient manner to expand clients’ currency processing capabilities for their customers.
Lastly, on request from FI clients, Citi will now offer access to Swift Go, Swift’s recent payments service. These facilities allow clients to access Swift Go benefits without any further build or implementation needs.
Management noted that the new set of solutions will improve current capabilities for clients, enhance their client experience and reduce costs, while improving speed and transparency. The move reduces complexity, while remaining focused on easy adoption and scalability.
Per management, “We are committed to help our FI clients grow and succeed by providing fully embedded solutions that empower them to more rapidly drive digital transformation, delivering next-gen experiences to their underlying clients.”
Over the past six months, shares of Citi have declined 3.1% against the industry’s rise of 7.9%.
A couple of better-ranked stocks from the same industry are First Business Financial Services (FBIZ - Free Report) and Mercantile Bank (MBWM - Free Report) .
First Business Financial’s current-year earnings estimates have been revised marginally upward over the past 30 days. FBIZ shares have gained 3.5% over the past three months. The stock currently carries a Zacks Rank #2 (Buy).
The consensus estimate for Mercantile Bank’s current-year earnings has been unrevised over the past 30 days. Over the past three months, MBWM’s share price has gained 11.5%. The stock currently carries a Zacks Rank #2.
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Citi (C) Rolls Out Auto-Enabled Payment Solutions for FIs
Citigroup Inc. (C - Free Report) has rolled out a set of functionalities as part of its Treasury and Trade Solutions services.
The four payment solutions are designed to improve the client experience that financial institutions (FIs) offer to their end users. These capabilities can be used with less or no implementation work or technology build.
The new set of solutions includes extending the capabilities of Citi’s 24/7 USD clearing for FIs to include payments to companies and individuals. This will help FIs to make commercial payments (payments that are handled for the retail and corporate clients of the banks) in addition to bank-to-bank payments. The new capability will cater to more than 100 FI clients that currently use Citi’s 24/7 USD clearing service since its launch in late 2022.
Confirmed Value Transfer is a new solution that will standardize and inform the sending institution of the fees deducted ahead of initiating a transaction when multiple parties are involved in processing a US dollar cross-border payment. By providing a view of downstream deduction, the feature allows greater transparency and improves the underlying client experience.
The third functionality added allows the ability to initiate payments in more than 70+ currencies from a single US dollar account. This offers a cost-efficient manner to expand clients’ currency processing capabilities for their customers.
Lastly, on request from FI clients, Citi will now offer access to Swift Go, Swift’s recent payments service. These facilities allow clients to access Swift Go benefits without any further build or implementation needs.
Management noted that the new set of solutions will improve current capabilities for clients, enhance their client experience and reduce costs, while improving speed and transparency. The move reduces complexity, while remaining focused on easy adoption and scalability.
Per management, “We are committed to help our FI clients grow and succeed by providing fully embedded solutions that empower them to more rapidly drive digital transformation, delivering next-gen experiences to their underlying clients.”
Over the past six months, shares of Citi have declined 3.1% against the industry’s rise of 7.9%.
Image Source: Zacks Investment Research
Currently, Citi carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Finance Stocks Worth a Look
A couple of better-ranked stocks from the same industry are First Business Financial Services (FBIZ - Free Report) and Mercantile Bank (MBWM - Free Report) .
First Business Financial’s current-year earnings estimates have been revised marginally upward over the past 30 days. FBIZ shares have gained 3.5% over the past three months. The stock currently carries a Zacks Rank #2 (Buy).
The consensus estimate for Mercantile Bank’s current-year earnings has been unrevised over the past 30 days. Over the past three months, MBWM’s share price has gained 11.5%. The stock currently carries a Zacks Rank #2.