Commercial Payments International

Under threat from disruptive fintechs, global banks are offering products and services that automate and streamline their wholesale payment process with integration on their main systems.

This week, Citi Treasury and Trade Solutions (TTS) has launched Citi Service Insights (CSI) with SWIFT gpi Case resolution integration. According to the press note, this digital service would provide clients with a ‘centralized view to manage or close all their service inquiries globally and also allows clients to open several types of inquiries digitally’. This was earlier done through a manual process.

Along with this, this has been integrated with SWIFT gpi Case Resolution which would allow ‘clients to have direct access to dynamic interbank query handling across the SWIFT network resulting in faster payments resolution and settlement’.

Last month, Hazeltree and Goldman Sachspartnered on a joint solution to streamline treasury management with integrated global payments and FX capabilities.

The service would include a service dashboard, case management, documentation management, audit trail and integration with Citi Payment Insights (CPI).

“On the rare occasion that a payment is held up by an error, gpi Case Resolution enables financial institutions to investigate the issue and fix it efficiently, reducing friction and payments processing times, and improving overall customer experience,” said David Scola, Chief Executive of the Americas and UK at SWIFT.

While Manish Kohli, Global Payments and Receivables Head at Citi, said that the integration of gpi Case Resolution would provide clients ‘with digital servicing capabilities’ and showcase the industry ‘to create a seamless payments experience with our clients at the centre’.

The press note also emphasized that ‘Citi has been at the forefront of the SWIFT gpi initiative and it is one of the first banks to go live with the Case Resolution functionality as well as the first to use the service leveraging the SWIFT gpi APIs’.