(24 August 2021 – Hong Kong) Citi Treasury and Trade Solutions (TTS) Asia Pacific revealed that it has processed close to 350 million application programming interface (API) calls for corporate clients since the launch of APIs for corporates in 2017.
The bank’s APIs for corporates are offered through TTS’ CitiConnect solution, which include over 80 data-driven and transaction-driven APIs. Data-driven APIs support self-servicing needs including producing reports, providing real-time FX information to a client, as well as account services including providing proof of payments to clients. Transaction-driven APIs facilitate payment transactions, including instant payments and collections, request-to-pay transfers as well as WorldLink transfers.
In 2020, TTS Asia Pacific doubled its API client base year-on-year and grew API call volumes by 52% in the same period. Momentum has continued through to this year. In the first half of 2021, Account Balance Inquiry API call volumes grew by close to 2.4 times compared to the same period in 2020. Account Statement API call volumes rose by 64% in the same period as clients increasingly adopt real-time processes and enable faster reconciliation of transactions.
“APIs provide instant, seamless and direct connectivity between Citi’s and clients’ platforms and systems. This connectivity gives clients the ability to offer enhanced user experiences to their customers, while giving them access to real-time information that is fundamental to efficiency and decision-making. APIs, used in various ways, can help corporate clients transform the way they engage with their end-consumers, optimize working capital and increase sales growth. We continue to invest in our suite of digital solutions, including APIs, to transform the client experience and at the same time, support our clients’ businesses as they respond to changes and adapt their businesses for the future,” said Citi TTS Asia Pacific Head of Payments & Receivables Sanjeev Jain.