Citi revealed today at Sibos that it will use SWIFTs Value Added Network (VAN) solution to connect to T2S.
The bank listed a number of reasons for using SWIFTs solution over the alternative T2S connectivity solution, jointly offered by SIA and Colt, including familiarity with SWIFT, competitive pricing and the fact that Citi can leverage its existing infrastructure for T2S via SWIFT.
We are confident that SWIFT is the right T2S connectivity solution for Citi, bringing unmatched benefits in terms of resilience, price and infrastructure reuse, and we look forward to working closely with SWIFT to implement its solution to meet our specific needs, says Lee Waite, global head of Direct Custody and Clearing, Citi Transaction Services. Being able to rely on SWIFT for connectivity and to make our choice of VAN provider early on means that we can now focus on delivering the best possible service to our customers to enable them to capitalize on the opportunities T2S brings.
T2S, the harmonized settlement platform across the EU, will offer delivery-versus-payment settlement in central bank money across virtually all European securities. The SWIFT connectivity solution allows T2S participants to connect to the platform and exchange information.
We are delighted that Citi has decided to leverage SWIFT to connect to T2S, and we thank Citi for its confidence that SWIFTs is the most reliable, cost effective and strategic solution for T2S connectivity, says Alain Raes, chief executive, EMEA, SWIFT. In the certainty that its T2S infrastructure can be relied upon, Citi can now focus on building the best model for customer delivery in a T2S world, and we look forward to providing other T2S participants with that same peace of mind.
(CG)