With complaints from treasurers regarding the need to build an interface to connect to proprietary banking portals, Citibank has decided to attempt solving this issue as it becomes the first corporate bank to enrol with the UK Open Banking Directory.
Citibank has decided to leverage on the implementation of Open Banking in the UK, which requires all the nine largest banks in the UK to publish open Application Programming Interfaces. It will channel a path for collecting and making payments on behalf of the business customers.
Head of Payment and Receivables, Treasury and Trade Solutions for Citibank’s Europe, Middle East and Africa, Ireti Samuel–Ogbu, said that this step by the bank is their way of moving from the conventional methods of operations, which has gradually evolved from batch processing to real-time payments and collections, with banking systems becoming more accessible through Application Programming Interfaces.
She also expressed her joy as Open Banking will enable collections with open APIs standardisation.
Image Credit: Inside Business Online
