Citi announced on Monday (April 12) that its application programming interface (API) connectivity platform has processed over 1 billion API calls since launching in 2017.
CitiConnect API marked a 60 percent year-over-year increase in message volume and transactional value during the pandemic, as businesses had to rapidly adapt 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 eCommerce models, instant payments, real-time processing and direct-to-consumer flows.
“Whether it is to top up mobile wallets in India, disburse micro-loans in Argentina or pay instantly in the USA, Citi’s digital channel solutions play a pivotal role in helping clients of Citi Treasury and Trade Solutions (TTS) reach their goals and navigate a transforming industry,” the press release said.
Among those use cases and others, that shift to digital is evident and won’t be going away, according to PYMNTS’ most recent Mastering Multichannel Commerce Playbook, done in collaboration with Citi. It is predicted that digital and mobile wallets, for example, will be used to pay for over 52 percent of eCommerce transactions in 2023 — and corporates continue to seek new digitization solutions as they evolve.
Clients can integrate Citi TTS directly into their workstations and enterprise resource platforms (ERPs) to access cash management and trade finance solutions. CitiConnect offers over 83 APIs — such as payment status reports, account balance inquiries and requests for FX rates — to help clients provide real-time, frictionless banking experiences, including transactions and data-based services.
Transaction solutions include payments, instant payments, WorldLink transfers and request-to-pay. Data solutions include account services, self-service reports and real-time foreign exchange (FX) information.
“Partnering with Citi through API-based integration has allowed us to deliver on our commitment to our clients with ease by instantly sending payments to Citi, and getting real-time feedback on the status of these payments,” Emily Watson, senior director of payments and global banking at Flywire, said in the press release. “Through our agile process, this provides us with utmost flexibility and operational cost savings.”
Source: https://www.pymnts.com/news/digital-banking/2021/citiconnect-api-has-processed-one-billion-calls/