Citibank.com Launches Paperless Online Account Opening; First-of-its Kind Solution Delivered Through Expanded Relationship with CashEdge.Business Editors NEW YORK--(BUSINESS WIRE)--May 5, 2004 Citibank today announced the introduction of complete online account opening, the latest innovation to its award-winning online banking service, Citibank.com. Using the new account-opening feature, customers can open a Citibank account through one simple online session without having to mail in paperwork and wait up to the several weeks it can take most banks to complete the process. Citibank uses technology from CashEdge to provide instant decisioning based on information derived from a variety of sources. This announcement follows the recent launch of Citibank's Inter-Institution Transfer, or account-to-account (A2A A2A Access to Archives (UK) A2A Application to Application A2A Air-To-Air (weapon) A2A Administration-to-Administration A2A Any to Any ), service, introduced in late 2003, which allows customers to transfer funds between Citibank and their accounts at other financial institutions. Citibank's complete online account opening is the first solution offered by a full-service bank that fully leverages the efficiency of the Internet to provide customers with real-time decisioning and the effortless ef·fort·less adj. Calling for, requiring, or showing little or no effort. See Synonyms at easy. ef  fort·less·ly adv. convenience of opening an account
entirely online. The unique innovation enables the bank to open new
accounts faster than ever before, resulting in more funded consumer
accounts and lower customer acquisition costs. The service is available
for opening Citibank checking accounts and can be further used across a
wide array of account types including credit, brokerage and money
market.
Using a sophisticated, triangulated information verification system, Citibank can instantly and reliably confirm the online applicant's identity. The consumer can then accept account terms and conditions online, rather than having to receive paper documents, sign and return them. Consumers can arrange to have funds transferred into their new account from another account, including those at other financial institutions. Normally, the funds can be transferred electronically within two to three days. About three days after completing the application, the customer will receive a welcome kit and an ATM/debit card and can begin transacting on the account. Customers have unlimited use of Citibank's ATMs, no-fee debit transactions and free online or telephone bill payment services. Only if a customer requests paper checks, must he or she fax or mail in a signed signature card. Ajay Banga, President of Retail Banking North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , said, "At Citigroup, we continually seek out innovations in technology to help further develop and enhance our online 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. offerings; it's crucial to maintaining a leadership position. Online customer acquisition is a key component of our consumer banking strategy, and this new development in online account opening has made the process more convenient and efficient." "We are very pleased with the quality of service we have been able to deliver to our online customers through our alliance with CashEdge," said Catherine Palmieri, Managing Director of Citibank.com. "We anticipate it will continue to play an important role in our ability to attract new customer assets," Ms. Palmieri added. CashEdge, a provider of secure Online Money Movement and Advanced Account Aggregation Account aggregation is a method that involves compiling information from different accounts, which may include bank accounts, credit card accounts, investment accounts, and other consumer or business accounts, into a single place. platforms, delivers a comprehensive end-to-end solution (jargon) end-to-end solution - (E2ES) A term that suggests that the supplier of an application program or system will provide all the hardware and/or software components and resouces to meet the customer's requirement and no other supplier need be involved. Compare: turn-key solution. for the online banking platform's complete online account opening and Inter-Institution Transfer service. The technology includes front and back-end applications, 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. and complete risk management. "We are delighted to have been selected by Citibank to power their complete online account opening solution. Citi's selection of CashEdge is a tremendous recognition of our technology's value," said Sanjeev Dheer, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of CashEdge. "One-step account opening is a cutting-edge solution, which transforms the online platform into a valuable customer acquisition channel, and will fundamentally change the way banks leverage the Internet." About Citibank Citibank is a member of 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 company, which 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 CashEdge CashEdge(R) provides infrastructure that global financial institutions rely on to extend their online channels and enhance customer profitability Customer profitability (CP) is the difference between the revenues earned from and the costs associated with the customer relationship in a specified period. According to Philip Kotler,"a profitable customer is a person,household or a company that overtime,yields a revenue . CashEdge delivers secure Online Money Movement and Advanced Account Aggregation platforms that power specialized retail banking and advisor applications. These proven solutions enable CashEdge's clients to create compelling online offerings that attract customers, generate revenues, and reduce costs. CashEdge clients include more than 120 financial institutions around the world. CashEdge has offices in 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 and Silicon Valley. For more information, please visit our Web site at www.cashedge.com. |
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