Citi Treasury and Trade Solutions (TTS) and Pismo, the next-gen banking and payments technology company, jointly announce that Citi will use the Pismo Platform to help strengthen Citi’s corporate demand deposit accounts (DDA) to clients worldwide.
Citi TTS is part of Citigroup, the 11th largest financial group in the world (according to S&P Global), with banking licenses in over 90 countries. It provides an integrated suite of innovative and tailored cash management and trade finance services, serving multinational corporations, financial institutions, and public sector organisations across the globe.
Citi TTS operations are based on the industry’s largest proprietary network and globally integrated technology platforms. It offers a comprehensive range of digitally enabled treasury, trade, and liquidity management solutions.
Citi TTS continues migrating its solutions, services, and infrastructure to create always-on capabilities to improve the overall client experience and allow clients to operate in real-time 24×7. Upgrading the current DDA infrastructure is a core element of Citi TTS technology revamping strategy, allowing for better scalability and increased processing volumes.
Pismo and Citi TTS
The Pismo cloud-native platform is a key element of this evolution. It comprises hundreds of microservices communicating with front-end applications through application program interfaces (APIs). This architecture makes the platform resilient and flexible, enabling the rapid deployment of new financial products. Furthermore, it’s a high-throughput system that has exceeded 75,000 authorisations per second in benchmark tests.
“Pismo was selected based on its core expertise and knowledge in cloud-based banking and payment processing capabilities. We look forward to working together and exploring ways our relationship can drive Citi’s work to help deliver clients’ global ambitions,” says Stephen Randall, Global Head of Liquidity Management Services at Citi TTS.
Citi’s relationship with Pismo creates value for Citi’s clients by helping to deliver:
- A nimble and scalable microservice-based ecosystem free of market-specific hardcoded applications, allowing for faster delivery of enhancements, easier integration across products and a globally consistent experience
- High-volume 24×7 processing and real-time data availability, which will enable clients to make more efficient cash management decisions while taking advantage of Citi’s global network
Vishal Dalal, CEO of Pismo (North America, EMEA, APAC), says: “This partnership is a wonderful endorsement of the cloud-native strategy we have chosen. We believe that the time of next-gen cores has arrived. Citi’s support will spur us towards our goal of deepening our footprint globally in corporate banking. These are exciting times to be in this space, and we look to the future with enthusiasm.“
Citi TTS plans to initially deploy the Pismo core banking platform in the U.S. market.
