Borderless Banking from Citigroup Global Transaction Services; New White-Label Initiative to Support Banks.LONDON & NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Citigroup Global Transaction Services today launched a strategic white-label proposition aimed at helping banks transform their competitiveness. Borderless Banking allows banks to expand their product range, re-engineer their delivery infrastructure and extend their geographical network by drawing on Citigroup's worldwide capabilities and local presence - all on a white-label basis. By partnering with Citigroup, banks can access a modular set of products and services without compromising their own identity, independence or customer relationships. World-class products can be added quickly and cost-effectively to a bank's portfolio, enhancing its ability to maintain and build customer loyalty. Borderless Banking enables banks to: --Draw on Citigroup's global transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. power to build operations quickly and profitably - while cutting the cost of ownership --Add on top-of-the-range globally seamless capabilities and products, supported by a world-class infrastructure --Extend their geographical network reach by utilising Citigroup's worldwide network/presence as if it were their own --Focus on client retention and new business acquisition Borderless Banking has three dimensions: Products. Borderless Banking offers banks a wide range of transaction services - in payments and collections, foreign exchange dealing and clearing, securities trading securities trading, financial activity involving transactions of property such as stocks, bonds, commodities, and currency (see securities). Although the trading of stocks and bonds dates back several centuries in many Western nations, the development of the and clearing, sub-custody and agency treasury. Many of these services break new ground. For example, the new Single Nostro account Nostro Account An account that a bank holds with a foreign bank. Notes: Nostro accounts are usually in the currency of the foreign country. This allows for easy cash management because currency doesn't need to be converted. (under development) allows banks to make payments and collections in more than 45 currencies through a single account in the base currency of their choice. Markets. Citigroup has the largest bank network in the world. With Borderless Banking, other banks can now leverage that global presence to open remote accounts on clients' behalf, availing themselves of all the local cash management services and operational support. Citigroup's network extension service effectively delivers banks the benefits of a local presence without the investment in bricks, mortar and staff. Infrastructure: Scale is key in the delivery of efficient and competitively priced middle and back office operations. With Borderless Banking, banks can now gain access to the economies of scale of Citigroup's worldwide processing platforms and global technology infrastructure by outsourcing selected business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets . In the process, they swap fixed costs fixed costs, n.pl the costs that do not change to meet fluctuations in enrollment or in use of services (e.g., salaries, rent, business license fees, and depreciation). for variable; reduce operating risk Operating risk The inherent or fundamental risk of a firm, without regard to financial risk. The risk that is created by operating leverage. Also called business risk. ; and ensure customer satisfaction - while maintaining or improving margins. Borderless Banking gives banks cheaper, faster, more efficient and sophisticated transaction processing power - all supported by Citigroup's service excellence and global network. Borderless Banking can transform the economics of a bank's whole business line by allowing them to compete by satisfying the most demanding of customers. Commenting on the launch of Borderless Banking, Tom Isaac, Managing Director of Citigroup Global Transaction Services, said: 'Borderless Banking is a new business model for banks. It gives them the ability to leverage Citigroup's comprehensive product set while sharing in the economies of scale. Banks gain from the ability to add new products or services, extend their market reach, or cut costs and forward investment commitments. Their customers gain by receiving better service and more competitive pricing.' Marion Lang, Sales Manager sales manager n → gerente m/f de ventas sales manager n → directeur commercial sales manager sale n → , Global Banks, Foreign Exchange, Citigroup, commented: 'Borderless Banking enables a bank to offer its clients a world-class FX trading service without any of the related infrastructure costs. Citigroup's FX technology offers live dealable rates and STP STP or standard temperature and pressure, standard conditions for measurement of the properties of matter. The standard temperature is the freezing point of pure water, 0°C; or 273.15°K;. (straight-through-processing) trade feeds backed by the unmatched liquidity offered by Citigroup. It is a powerful addition to any bank's armoury.' Notes to Editors About Citigroup Citigroup (NYSE NYSE See: New York Stock Exchange : C), the preeminent pre·em·i·nent or pre-em·i·nent adj. Superior to or notable above all others; outstanding. See Synonyms at dominant, noted. [Middle English, from Latin prae global financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. company has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney Smith Barney is a division of Citigroup Global Capital Markets Inc., a global, full-service financial firm, that provides brokerage, investment banking and asset management services to corporations, governments and individuals around the world. , Banamex, and Travelers Life and Annuity. Additional information may be found at: www.citigroup.com. About Citigroup(R) Global Transaction Services Citigroup Global Transaction Services is a leading provider of integrated cash management, trade finance, securities and fund services and commercial card solutions to corporations, financial institutions and governments around the world. With over US$ 115 billion in average liability balances, more than US$ 6.7 trillion in assets under custody and the largest proprietary branch network, Citigroup's award-winning operating systems Operating systems can be categorized by technology, ownership, licensing, working state, usage, and by many other characteristics. In practice, many of these groupings may overlap. and Internet-based delivery channels enable clients to manage and monitor working capital and investments more efficiently, streamline transaction processing cycles, and re-engineer receivables and payment processes. Citigroup Global Transaction Services provides clients with access to Citigroup's full range of capabilities and solutions along with an on-the-ground presence and in-depth knowledge of more than 100 local markets. For additional information, see www.transactionservices.citigroup.com. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion