Citi Launches New Trade Functionality on CitiDirect BESM Mobile
Trade Transaction Status Available on Trade Advisor – Mobile
New York, NY – June 12, 2012 – Citi launches Trade Advisor – Mobile, new functionality, on our CitiDirect BESM Mobile platform that allows trade clients to access Trade Advisor on their mobile phones. Trade Advisor, currently available through CitiDirect® Online Banking, is an inquiry tool that provides real-time information on the processing status of a trade transaction to all parties. This new browser-based mobile access provides the same robust data.
“Citi’s Trade business has entered into the mobile space with Trade Advisor,” said Fran Martell, Global Trade Capabilities Product Manager at Citi. “With this new capability, Citi can provide transaction information wherever it is needed to all parties engaged in a trade flow including transaction updates for Letters of Credit, Documentary Collections and Enhanced Open Account.”
John Ahearn, Global Head of Trade, adds, “We are committed to providing our clients with the most innovative products and services and we are extremely pleased to deliver this new capability to the market.”
Naveed Sultan, Global Head of Treasury and Trade Solutions at Citi, says, “Trade is a very important part of our business and we are extremely pleased to be able to bring mobile functionality to our trade customers. As part of our commitment to bring innovative, value-added solutions to our customers and our goal of being the world’s digital bank, this is just the first solution to which we will roll out mobile functionality.”
Developed by the Citi Innovation Lab Dublin in conjunction with the CitiDirect technology team, CitiDirect BE Mobile allows clients to access core transaction functionality available with CitiDirect Online Banking using their mobile phones.
In addition to the trade functionality above, other new features and functionality added since launch now allow entitled mobile users to:
- Receive alerts and create, authorize, release and delete batch payments for straight-through processing
- Check account balances and transaction status providing for added convenience
- Authorize imported file transactions
- Optimize usability of their mobile phones with an enhanced user interface design
Since commercializing the application in August 2011, CitiDirect BE Mobile has been recognized by the industry as an innovative solution for clients and has received the Overall Most Innovative 2012 Monarch Innovation Award presented by Barlow Research Associates, Inc. and the Innovation in Cash & Treasury Technology Award presented by The Banker Magazine. CitiDirect BE Mobile will continue to be rolled-out globally to facilitate mobile access to existing solutions.
Transaction Services, a division of Citi’s Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 95 countries, Citi’s Transaction Services supports over 65,000 clients. As of the first quarter of 2012, it held on average $377 billion in liability balances and $13 trillion in assets under custody.
About Citi Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.