Thursday , November 14, 2019

Instant Payments Give Citigroup’s CitiConnect APIs a Lift

Launched in November 2016, the CitiConnect set of application programming interfaces for payments and related functions is gaining traction, particularly from companies supporting instant-payment services in Asia and Europe, Citigroup Inc. reported Monday.

The New York City-based global banking giant said CitiConnect has processed 157 million API calls, or requests to servers for data, since its launch. Last November the service had handled 18 million API calls. The service with its 50-plus unique APIs has moved $26 billion for clients, the bank said.

“Of the total API calls, the majority were from companies located in the Asia-Pacific and European regions, reflecting the rapid growth of instant-payments schemes in these areas,” Citi’s Treasury and Trade Solutions (TTS) unit said in a press release. “Since then, the number of connected clients has increased from six to over 55. This growth in API usage is being driven primarily by fintech, telecom, multimedia and technology companies, with the most popular API calls being account-balance inquiries, payment status reports, and making payments.”

Among the other functions the service supports are cross-border funds transfers with on-demand statement data, foreign-exchange information, requests to pay, and automatic payment processing for online lenders.

“In the past year, our APIs have been instrumental in bringing instant payments and real-time banking to new markets and helping clients evolve new business models and enter new industries,” Tapodyuti Bose, global head of digital channels and data at TTS, said in the release.

Various treasury software providers support CitiConnect APIs, including Fidelity National Information Services Inc. (FIS), Kyriba Corp., Oracle Corp. and SAP SE.

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