Citi Client Casebook Middle East and Africa 2022

Digital, Data and Connectivity 39 The Challenge Sanlam sought a solution from Citi to help resolve challenges with their current host-to-host set up which had multiple points of omission in the payments process causing major operational issues that required manual intervention to resolve. They also wanted to improve the turn-around-time for out-going payments by streamlining their authorization process and having all transactions approved in their ERP system thereby making their processes a lot more efficient and improving the client experience. Part of the project would also involve an overhaul of their middleware platform as it posed security risks due to various operational gaps. The Solution Sanlam worked together with Citi to implement an Application Programming Interface (API) based integration solution, which directly connects Sanlam’s ERP system to Citi’s platform to exchange messages as well as queries for updates and information. It supports high volumes of transactions directly resulting from Sanlam’s workflows. Through CitiConnect ® API, Sanlam can simply trigger a request from their internal system to automatically create payments in real-time without any need for manual intervention. Additionally, Sanlam is also able to query the status of payments and be alerted accordingly if any issues arise. By removing the need to manually key in the details of each payment, the solution saves several man-hours on a daily basis which enables Sanlam’s team to work on more meaningful tasks. Data entry errors are also significantly reduced, thus ensuring that the funds are transferred to the correct bank account. The Results API Technology is becoming popular as a method of banking integration due to the increasing need for faster and more seamless baking services. Sanlam leveraged this new technology to design, build and improve their treasury practices that solve legacy issues in payment processing. Sanlam’s implementation of API reduced their manual payment processing which was time-consuming and created a seamless channel for connectivity. Key Benefits Full automation enables payment initiation, payment status inquiry, notification messaging and automated receipt of account balances into Sanlam’s ERP system. Direct integration between Sanlam’s ERP and Citi’s improves operational efficiency due to straight-through real-time processing providing improved customer experience. API is a scalable technology that gives Sanlam a provision for increasing payment volumes. Creating simplicity in the payment processing cycle by reducing the number of touchpoints and securely automating the transfer of financial information. Sanlam Life Insurance Citi’s API-based integration solution reduces Sanlam’s manual payment processes and creates a seamless channel for connectivity Sanlam Kenya, is a Kenyan incorporated diversified financial services group listed on the Nairobi Securities Exchange. Sanlam Kenya provides a comprehensive suite of financial solutions through its subsidiaries Sanlam Life Insurance Limited, Sanlam General Insurance Limited and Sanlam Securities Limited.