Citi expands payments capabilities with Icon Solutions investment

Citi Treasury and Trade Solutions has recently made a strategic investment in Icon Solutions to expand the firm's strengthen its technology and payments capabilities.

Citi Treasury and Trade Solutions has recently made a strategic investment in Icon Solutions to expand the firm’s strengthen its technology and payments capabilities.

The investment in Icon Solutions aims to expand the bank’s use of the Icon Payments Framework (IPF) as a means to enhance its micro-services orchestration architecture.

The move also forms a crucial part of Citi’s ongoing multi-year modernisation of its payments platforms. This initiative prioritises flexibility, aiming to accelerate Citi’s responsiveness to the rapidly changing payment infrastructure, regulatory environment, and evolving client demands in a digital-first setting.

Citi’s latest payment platform places a strong emphasis on flexibility, aiming to expedite the bank’s responsiveness to the rapid changes in payment infrastructure and regulatory landscapes. Additionally, it addresses the evolving demands of clients within a 24/7, real-time, digital-first environment.

The advantages stemming from this payment transformation initiative encompass the facilitation of genuine end-to-end ISO native payments, ensuring compliance with evolving industry and regulatory standards. Moreover, the system is designed to provide clients with more comprehensive data. The program introduces future-proof solutions that are both scalable and adaptable to cloud-based systems. Finally, it integrates API-driven interfaces, elevating and expediting client access to critical data.

Debopama Sen, Head of Payments, Citi Treasury and Trade Solutions, said: “We are on a journey to unlock the full potential of the Citi network and respond to the need for a streamlined and efficient payment processing system. Through this relationship, we are removing platform complexity across our multiple products by following a process of ‘de-platforming’ common business services and creating reusable and extensible services that can be orchestrated using the IPF framework.”

“Our new approach will empower our engineering teams to respond quicker and more efficiently to industry developments, such as ISO 20022, and deliver high-quality innovation and functionality for our clients,” she added.

Citi TTS manages a vast global network across more than 95 countries, encompassing membership in over 270 clearing systems. The suite offers intuitive and globally consistent interfaces, allowing clients to conduct payments in 145 currencies.

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