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Citi (C) Adds Digital Asset Ability for Institutional Clients
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In efforts to further digitalize its financial services, Citigroup Inc.’s (C - Free Report) Treasury and Trade Solutions (“TTS”) business has launched a blockchain-based Citi Token Services for cash management and trade finance.
The tokenized deposit program will use blockchain and smart contract technologies to deliver digital asset solutions for institutional clients. Citi Token Services will integrate tokenized deposits and smart contracts in Citi’s global network to upgrade core cash management and trade finance capabilities.
Citi Token Services will regularly offer liquidity, cross-border payments and automated trade finance solutions.
Per management, “Digital asset technologies have the potential to upgrade the regulated financial system by applying new technologies to existing legal instruments and well-established regulatory frameworks. The development of Citi Token Services is part of our journey to deliver real-time, always-on, next generation transaction banking services to our institutional clients. This development goes hand-in-hand with our industry leading work on the Regulated Liability Network to create interoperable digital asset solutions on a multi-bank basis.”
The service enables programmable transfer of tokenized deposits and offers instant settlement through smart contracts. This is expected to reduce transaction processing times from days to minutes.
Citi Token Services has also been used in a global cash management pilot, facilitating clients to transfer liquidity between Citi branches anytime.
Per management, “Citi Token Services provides corporate treasurers with a new tool to manage global liquidity on a just-in-time, programmable basis. Frictions related to cut off times and gaps in the service window will be reduced. Our solutions within the Citi network are complemented by inclusive and open industry collaboration on initiatives like the Regulated Liability Network. We are excited about both the potential for shared ledger technology to update Citi services, and the broader financial system in partnership with regulators and industry peers.”
The move underlines the company’s efforts to enhance its digital asset portfolio and adopt advanced technologies to meet the evolving needs of its institutional clients.
Over the past six months, shares of Citi have declined 3.3% against the industry’s rise of 7.8%.
Image Source: Zacks Investment Research
Currently, Citi carries a Zacks Rank #3 (Hold).
Bank Stocks Worth a Look
A couple of better-ranked stocks from the same industry are First Business Financial Services (FBIZ - Free Report) and CNB Financial Corporation (CCNE - Free Report) .
First Business Financial’s current-year earnings estimates have been unrevised over the past 30 days. FBIZ shares have edged down 0.9% over the past three months. The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The consensus estimate for CNB Financial’scurrent-year earnings has been unrevised over the past 30 days. Over the past three months, MBWM’s share price has increased 0.7%. The stock currently carries a Zacks Rank #2.
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Citi (C) Adds Digital Asset Ability for Institutional Clients
In efforts to further digitalize its financial services, Citigroup Inc.’s (C - Free Report) Treasury and Trade Solutions (“TTS”) business has launched a blockchain-based Citi Token Services for cash management and trade finance.
The tokenized deposit program will use blockchain and smart contract technologies to deliver digital asset solutions for institutional clients. Citi Token Services will integrate tokenized deposits and smart contracts in Citi’s global network to upgrade core cash management and trade finance capabilities.
Citi Token Services will regularly offer liquidity, cross-border payments and automated trade finance solutions.
Per management, “Digital asset technologies have the potential to upgrade the regulated financial system by applying new technologies to existing legal instruments and well-established regulatory frameworks. The development of Citi Token Services is part of our journey to deliver real-time, always-on, next generation transaction banking services to our institutional clients. This development goes hand-in-hand with our industry leading work on the Regulated Liability Network to create interoperable digital asset solutions on a multi-bank basis.”
The service enables programmable transfer of tokenized deposits and offers instant settlement through smart contracts. This is expected to reduce transaction processing times from days to minutes.
Citi Token Services has also been used in a global cash management pilot, facilitating clients to transfer liquidity between Citi branches anytime.
Per management, “Citi Token Services provides corporate treasurers with a new tool to manage global liquidity on a just-in-time, programmable basis. Frictions related to cut off times and gaps in the service window will be reduced. Our solutions within the Citi network are complemented by inclusive and open industry collaboration on initiatives like the Regulated Liability Network. We are excited about both the potential for shared ledger technology to update Citi services, and the broader financial system in partnership with regulators and industry peers.”
The move underlines the company’s efforts to enhance its digital asset portfolio and adopt advanced technologies to meet the evolving needs of its institutional clients.
Over the past six months, shares of Citi have declined 3.3% against the industry’s rise of 7.8%.
Image Source: Zacks Investment Research
Currently, Citi carries a Zacks Rank #3 (Hold).
Bank Stocks Worth a Look
A couple of better-ranked stocks from the same industry are First Business Financial Services (FBIZ - Free Report) and CNB Financial Corporation (CCNE - Free Report) .
First Business Financial’s current-year earnings estimates have been unrevised over the past 30 days. FBIZ shares have edged down 0.9% over the past three months. The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The consensus estimate for CNB Financial’scurrent-year earnings has been unrevised over the past 30 days. Over the past three months, MBWM’s share price has increased 0.7%. The stock currently carries a Zacks Rank #2.