Citi Treasury and Trade Solutions (TTS), within Citi’s Services organisation, has invested in payments fintech Icon Solutions. Citi also plans to expand its use of the Icon Payments Framework (IPF) to enhance its micro-services orchestration architecture. This investment and relationship with Icon Solutions demonstrates Citi’s strategy of working with fintechs to strengthen its technology and payments capabilities.
Icon Payments Platform: part of Citi’s micro-services architecture
Citi is working on a multi-year modernisation effort of its payments platforms. As part of the programme, Citi is working with and has invested in Icon Solutions. The aim is to expand its innovation toolkit and futureproof its payments services. TTS will be using IPF as part of its micro-services architecture.
Citi’s new payment platform will prioritise flexibility. It will also accelerate the bank’s ability to respond to the exponential pace of change in payment infrastructure and the regulatory environment, as well as evolving client demands in an increasingly 24/7, real-time, digital-first environment.
Debopama Sen, Head of Payments, Citi Treasury and Trade Solutions, said: “We are on a journey to unlock the full potential of the Citi network and respond to the need for a streamlined and efficient payment processing system. Through this relationship, we are removing platform complexity across our multiple products by following a process of ‘de-platforming’ common business services and creating reusable and extensible services that can be orchestrated using the IPF framework.”
Citi Treasury and Trade Solutions: global network spanning 95 countries
“Our new approach will empower our engineering teams to respond quicker and more efficiently to industry developments, such as ISO 20022, and deliver high-quality innovation and functionality for our clients.”
Citi TTS manages a global network that spans more than 95 countries with membership in over 270 clearing systems. Clients can make payments in 145 currencies through an interface that is intuitive and globally consistent. With ongoing investments such as this, it will continue to meet clients’ needs for feature-rich, low-latency, high-throughput, always-on, 24/7 borderless payments.
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Nick Nadgauda, Head of Technology, Citi Services, added: “The IPF enables Citi’s engineers to build, deploy and test capabilities rapidly. Coupled with independently deployable and evolvable micro-services, Citi will be able to horizontally scale for growing payments volumes and improve time to market.”
Tom Kelleher, co-founder and director, Icon Solutions, said: “We are proud to be working with Citi on its journey towards a truly efficient, flexible payments platform. By reimagining its payments processing to reflect a rapidly evolving ecosystem and emerging customer requirements, Citi can meet the opportunities and demands of tomorrow. IPF offers a sustainable alternative to traditional infrastructure to support this change, empowering Citi to take control, overcome complexity and simplify payments transformation across the organisation.”