Citi TTS APAC client inquiry for API use doubles in H1
They have processed close to 350 million API calls for corporate clients since 2017.
Citi Treasury and Trade Solutions (TTS) Asia Pacific revealed that it has processed close to 350 million application programming interface (API) calls for corporate clients since the launch of APIs for corporates in 2017.
In the first half of 2021, Citi TTS Asia Pacific said that account balance inquiry API call volumes grew by close to 2.4 times compared to the same period last year. Account Statement API call volumes rose by 64% in the same period, as clients increasingly adopt real-time processes and enable faster reconciliation of transactions.
In the second quarter, the business’ API client base grew 45% year-on-year. APIs that support account services have also seen notable increases in usage, Citi said.
The expansion extends the previous year’s strong numbers. In 2020, Citi TTS Asia Pacific doubled its API client base year-on-year and grew API call volumes by 52% in the same period.
Citi’s APIs for corporates are offered through TTS’ CitiConnect solution and includes over 80 APIs, covering both data-driven APIs (which support self-servicing needs including producing reports, providing real-time FX information to a client, as well as account services including providing proof of payments to clients) and transaction-driven APIs (those that facilitate payment transactions, including instant payments and collections, request-to-pay transfers, as well as WorldLink transfers).
APIs provide instant, seamless, and direct connectivity between Citi’s and clients’ platforms and systems, according to Sanjeev Jain, Asia Pacific head of payments and receivables, treasury and trade solutions, Citi.
“This connectivity gives clients the ability to offer enhanced user experiences to their customers whilst giving them access to real-time information that is fundamental to efficiency and decision-making. APIs, used in various ways, can help corporate clients transform the way they engage with their end-consumers, optimize working capital and increase sales growth,” Jain said.