Citibank today announced the launch of a web-enabled treasury outsourcing solution – Citibank Agency Treasury Services. It has developed the service in conjunction with the treasury services software provider, Trema.
“The enhanced capability brings to market an end-to-end solution, enabling companies and financial institutions to use integrated treasury management applications to reduce costs, while simultaneously increasing levels of control, reporting and information,” says Citibank. “Through Citibank Agency Treasury Services, customers will be able to outsource complete treasury operations or selected specific related functions, such as risk management or regulatory reporting.”
The new service offers Citibank customers online access; straight through processing (STP) of transactions; inputting of deal requests; authorisation of transactions; and access to real-time positions on a global basis. By integrating the treasury platform with other Citibank and third party services, as well as providing access to the Citibank brnach network, the US bank aims to provide corporate treasurers with a complete picture of their treasury position on both a regional and a global basis.
“Citibank Agency Treasury Services provides our customers with direct access to our treasury management expertise, unsurpassed global network and the very latest treasury technology”, says Ineke Bussemaker, Global Head of Citibank Agency Treasury Services. “As one of our core capabilities, our customers benefit from Citibank’s economies of scale, freeing up their resources to focus on more strategic, value-added activities. In addition, customers can avoid the heavy investment costs associated with ever changing technology”.
Alex Etherson, European Treasurer for PPG Industries Inc., a major US multinational company in the chemicals industry operating across Europe and an established Citibank Agency Treasury Services customer says he is impressed. “Citibank is designing their outsourcing solution in response to customer requirements and in so doing answering the needs of treasurers,” he says. “This investment comes at the right time and provides the right tools”.
“Citibank and Trema are delivering a whole set of new treasury services for corporates and financial institutions, working together to leverage the strengths from both our organisations,” adds Stellan Rberg, Director of Trema Treasury Outsourcing Services. “We are delighted to be working with Citibank and we look forward to continuing to deliver more innovative treasury solutions together in this rapidly expanding market place”.