Citi’s Treasury and Trade Solutions (TTS) has released a identity and account verification solution to improve give institutional clients improved onboarding.
The new Verify solution supplies institutional clients streamline customer onboarding, lowering the risk of improper payments and boost operational efficiencies. Its technology lets clients validate their US-based customers’ information before enrolling or initiating transactions.
This new tool was developed alongside GIACT Systems, a company which builds KYC and anti-fraud solutions for banking, billing, insurance, lending and a host of other use cases. The company offers a real-time network of identity verification and authentication services.
Verify is available as a single API or web interface and lets clients access a selection of verification services, including customer intelligence comprised of four billion records. The solution is available to clients in the US and will be integrated with the existing suite of payments and receivables solutions offered by Citi TSS.
Citi TTS North America payments and receivables head Alberto Casas said, “Not only does Citi Verify provide a layer of assurance for our clients when onboarding new customers. It also addresses the major costs incurred across the industry from misdirected payments, such as ACH returns, and will significantly strengthen the case for institutional adoption of Instant Payments. Our clients will now have added visibility and assurance that their transactions will be processed successfully.”
Citi TTS designs a range of cash management and trade finance services to financial institutions.
Earlier in the year, Citi TTS launched the CitiDirect BE Digital Onboarding solution for institutional clients in North America and six countries in Western Europe. The service accelerates onboarding by replacing paper-based documents with digital versions – electronic signatures are supported by the service.
