Citigroup® Global Transaction Services Enhances Global Processing Platform in 12 Countries
May 13, 2003 – Citigroup Global Transaction Services announced today it has completed the rollout of a new trade processing and securities movement and control system for its custody operations in 12 countries, significantly enhancing the common global processing platform available to clients around the world.
The new system replaces PC-based applications in the Czech Republic, Egypt, Greece, Hungary, Jordan, Morocco, Pakistan, Poland, Romania, Russia, Sri Lanka and Turkey.
"Our clients benefit from the new system because we have strengthened our ability to process trades and securities in a consistent manner virtually anywhere we do business with them," said John Galante, Managing Director of Technology for Citigroup Global Transaction Services. "It also enables us to better capitalize on the competitive advantage we enjoy through our local branches in 50 markets, which cover 95% of the world's securities capitalization."
For example, Galante noted that trade processing data enters Citigroup's systems only once - from the original transaction point - which is different from other banks whose networks are patched together by numerous third party providers. This gives the company an unmatched ability to capture and report real-time information to clients through its Internet platform, CitiDirect® for Securities.
"The combination of our consistent global processing capabilities with the industry's largest local branch network provides investors with a critical edge in monitoring and making decisions about their assets," said Galante.
Citigroup partnered with Orbitech Solutions Limited, based in Mumbai, India, on the development of the new processing system, which has been designed to fully support new trade processing improvements, such as the ISO 15022 messaging standards, as well as potential changes and growth in each of the markets.
About Citigroup Global Transaction
Services
Citigroup Global Transaction Services is a leading provider of integrated
cash management, trade finance and securities services for corporations,
financial institutions, intermediaries and governments around the
world. With over $85 billion in average liability balances, more
than $5 trillion in assets under custody and the largest proprietary
branch network, Citigroup's award-winning operating systems 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 90
local markets. For additional information, see www.transactionservices.citigroup.com.
About Citigroup
Citigroup (NYSE: C), the preeminent global financial services company
with some 200 million customer accounts in more than 100 countries,
provides 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, Salomon Smith Barney, Banamex, and Travelers Life and
Annuity. Additional information may be found at: www.citigroup.com.
