CitiConnect_API_Case_Study_Book

31 Enhancing Operational Efficiency | API Playbook 1 As treasury management continues to become more hyper-connected with the collection and reconciliation processes, speed and accuracy of information are paramount for quick and efficient treasury and finance related decisions throughout the day. Prior to this, the company relied on updated account balance statements, received every 15 minutes to check receipt of significant incoming payments, before executing FX related conversions from foreign currency to local currency, particularly during periods of high FX rates volatility. This statement delivery method, which relied on once-a-day MT940 statements at the start of the day, was followed by MT942 messages every 15 minutes throughout the day. This exercise was considerably expensive due to the additional costs and dependency on the SWIFT network. Real-Time Balance Reporting The Company Leading global services provider for wholesale imports and exports. Working with Citi, the company is able to receive account balances in real-time via CitiConnect API. Requests for account balances may be triggered anytime throughout the day on-demand. Updated account balance is then received real-time and flows into the company’s own treasury management system that provides real-time cash and liquidity visibility. Finance personnel are able to log into their internal systems to view the updated account balances directly before making informed decisions on FX booking, investments and payment releases. This eliminates the previous need to check their emails for intra-day account balance statements to make these decisions. The solution is powered by the following CitiConnect APIs: The Benefits • Updated account balances now available real-time and on-demand • Better-informed decision-making on treasury and finance decisions • Integration of function with treasury management process • Cost-effectiveness due to disintermediation of traditional service providers Authentication of company instruction Account balance inquiry • The company may assign a unique virtual account number for each customer, where updated balance may be viewed on-demand by the specific personnel responsible for that customer Potential Uses The Solution The Challenge