Kantox, an FX management and business payments provider, has announced that it is providing Citi’s Commercial Bank with a seamless user experience for its foreign exchange (FX) clients in the US through a customised solution that connects directly to Citi’s foreign currency payments platform.
The software – part of Citi’s Dynamic Management Foreign Exchange (DMFX) initiative – also provides treasury automation for local and cross-border payments in multiple currencies for corporate and commercial bank clients.
As part of the relationship, Citi and Kantox expect to expand the FX automation services available to Citi’s corporate and commercial bank customers. Future offerings may include Kantox’s micro-hedging technology, Dynamic Hedging.
The software, which was developed as part of Citi’s D10X programme, is currently being pilot-tested with a select group of Citi’s commercial clients in the US, with plans to roll out the solution to a wider audience in 2020.