Citi APIs Top 150 Million Calls Processed Globally
CitiConnect, Citi’s API connectivity platform, has reached a new milestone with more than 157 million API calls now processed since its launch in November 2016. The APIs for Treasury Services, accessed through the platform, allow corporates to seamlessly access a growing number of the bank’s solutions directly into their treasury workstations or enterprise resource platforms (ERP). Of the total API calls, the majority were from companies located in the Asia Pacific and European regions, which the bank says reflects the rapid growth of instant payments schemes in these areas.
Since the launch of CitiConnect API, Citi says it has moved over US$26bn for clients using a set of over 50 unique APIs. The pace of CitiConnect API adoption is accelerating, with 18 million calls in November 2018, growing to over 157 million calls by August 2019, a growth rate of 750%. Since then, the number of connected clients has increased from 6 to over 55. This growth in API usage is being driven primarily by fintech, telecom, multimedia and technology companies, with the most popular API calls being Payment Status Reports, Making Payments, and Account Balance Inquiries.
The solution now offers APIs for both data driven services and transactions. Data driven services include: self-service reports, real-time FX information, and account services such as statements, cut-off times and proof of payment. Transactions include payments, request-to-pay, and WorldLink transfers.
CitiConnect is part of an omnichannel digital banking product suite that also includes CitiDirect BE Online Banking and Mobile. CitiConnect APIs are supported through an ecosystem that includes strategic partnerships with various treasury software providers, including FIS, Kyriba, Oracle and SAP. Along with the CitiConnect API Developer Portal and Testing Portal, Citi TTS supports API-based integration in a globally consistent way across TTS’ global footprint.