Citi Recognized by Aite-Novarica Group for Innovations Helping to Combat Fraud

NEW YORK--(BUSINESS WIRE)--Citi Treasury and Trade Solutions has been recognized for innovations helping to combat fraud by the Aite-Novarica Group, a global advisory firm providing mission-critical insights on technology, regulations, strategy, and operations to the Financial Services industry. Selected as the Best Orchestration Innovation in the Aite-Novarica Group’s 2022 Fraud & AML Impact Awards, the Citi^® Payment Exchange solution seamlessly integrates Citi^® Verify’s multiple fraud reduction capabilities into one payment portal.

Citi^® Payment Exchange offers B2B clients in the United States a holistic, results-oriented approach to help drive payee adoption and optimize working capital and financial benefits by executing and converting payees to electronic payments such as ACH and Virtual Card. It addresses administrative challenges such as payee enrollment, validation, and data maintenance for payee segmentation, targeting and subsequent enrollment. As a result, it can help clients maximize cost savings from electronic conversion while offering their payees the ability to choose from a variety of electronic payment options.

“To address the growing need for faster and secure payments, we recently enhanced Citi Payment Exchange, our next-generation payment tool,” said Anupam Sinha, North America Head for Payments and Receivables at Citi Treasury and Trade Solutions. “We collaborated with two leading fintechs to develop a new supplier onboarding portal that combines additional state-of-the-art fraud mitigation and authentication services.”

Citi^® Verify, Citi’s identity and account verification solution, helps clients streamline customer onboarding, reduce the risk of improper payments, and drive operational efficiencies by providing institutional clients with the ability to validate their US-based customers’ information prior to enrolling and initiating transactions.

By combining the new supplier onboarding portal and verification tool, Citi is able to offer a unique solution that allows suppliers and other payees to easily and seamlessly onboard through a self-service process, helping to eliminate administrative burdens for clients. Authentication and verification are also automated, which speeds up what was previously a slow, manual process, in turn allowing payments to be made faster. This helps enable Citi’s clients to provide a frictionless experience to their suppliers and other payees, which is a major advantage in today’s increasingly competitive business world.

“We are pleased to have been recognized by the Aite-Novarica Group’s panel of fraud and AML experts,” added Sinha.

Citi’s Treasury and Trade Solutions helps enable clients' success by providing an integrated suite of innovative and tailored cash management and trade finance services to multinational corporations, financial institutions, and public sector organizations across the globe. Based on the foundation of the industry's largest proprietary network with banking licenses in over 90 countries and globally integrated technology platforms, Citi’s Treasury and Trade Solutions continues to lead the way in offering the industry's most comprehensive range of digitally enabled treasury, trade, and liquidity management solutions.

About Citi

Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.

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