CitiConnect_API_Case_Study_Book

The Challenge The Solution Potential Uses The Benefits 19 Seamless Client Experience | API Playbook 1 Blockchain-based Solutions for Accelerating Global Payments The Company Global leader of corporate insurance and risk management solutions, including captive insurance programs The solution is powered by the following CitiConnect APIs: Authentication of payment instructions Collection initiation via QR code Payment status inquiry to confirm that payment is successfully made Captive insurance programs established by multinationals to self-insure can span many countries and cover hundreds of millions of dollars of insured assets. These complex structures require the company, as the “fronting” insurer, to manage and exchange documents and payments associated with policies and claims across geographically dispersed businesses of its captive insurance customers. The company wanted to streamline and automate processes that can involve thousands of emails, exchanging massive data files and managing domestic and cross-border payment transfers. • Extend the application from two initial types of captive insurance policies, professional indemnity and property, to other types of insurance The company created a pioneering blockchain prototype based on Hyperledger Fabric 1.0. The new prototype allows entities that are part of a captive insurance program to exchange documents and information in real-time across three common processes: annual policy renewals, premium payments, and claims submissions and settlements. A CitiConnect ® API solution incorporated into the prototype leverages blockchain’s distributed ledger capabilities to record and conduct payment transactions. The Citi solution provides straight-through payment processing, gives participating parties around the world real-time visibility into payment flows, and automates reconciliations. • Reduction of emails and real-time sharing of electronic documents among the “fronting insurer”, captive owner and program participants • Acceleration of document and payment processing, decreasing the time from start to policy, policy to premium, and claim to settlement • Transparency into document and payment flows among multiple parties, simultaneously