Citi announced Monday, April 12, that its API (Application Programming Interface) connectivity platform has processed more than a billion API calls since its launch in 2017.
CitiConnect API marked 60% increase in message volume and transaction value during pandemic as businesses had to adapt quickly to a remote digital business environment, Citi said in a press release emailed to PYMNTS. The increase can also be attributed to several other transformations in the current business environment, such as new e-commerce models, instant payments, real-time processing and direct flows to consumers.
“Whether it’s recharging mobile wallets in India, disbursing micro-loans in Argentina or paying instantly in the United States, Citi’s digital channel solutions play a central role in helping clients of Citi Treasury and Trade Solutions (TTS ) achieve their goals and navigate. an industry in transformation, ”said the press release.
Of these and more use cases, this digital switchover is evident and will not go away, according to the most recent from PYMNTS Multichannel commerce mastery guide, produced in collaboration with Citi. Digital and mobile wallets, for example, are predicted to be used to pay for over 52% of e-commerce transactions in 2023 – and businesses continue to seek out new digitization solutions as they evolve.
Customers can integrate Citi TTS directly into their workstations and Enterprise Resource Platforms (ERP) to access cash management and trade finance solutions. CitiConnect offers more than 83 APIs – such as payment status reports, account balance requests, and exchange rate requests – to help customers deliver real-time, frictionless banking experiences, including data-driven transactions and services.
Transaction solutions include payments, instant payments, WorldLink transfers and request for payment. Data solutions include account services, self-service reporting, and real-time foreign exchange (FX) information.
“Partnering with Citi through an API-based integration has made it easy for us to deliver on our commitment to our customers by instantly sending payments to Citi and getting real-time feedback on the status of those payments,” Emily watsonFlywire’s senior director of global payments and banking services said in the press release. “Thanks to our agile process, this gives us maximum flexibility and savings in operational costs.”