Kantox Provides Citi with FX Payments Connectivity Solution for its US Clients
Kantox is pleased to announce that it will provide Citi’s Commercial Bank with a solution for their foreign exchange clients in the United States to enable enhanced FX payments connectivity and a seamless user experience.
The customised solution connects directly to Citi’s foreign currency payments platform and is part of Citi’s Dynamic Management Foreign Exchange (“DMFX”) initiative. It provides treasury automation for local and cross-border payments in multiple currencies for corporate and commercial bank clients.
The software is currently being pilot-tested with a select group of Citi’s commercial clients in the United States, with plans to roll out the solution to a wider audience in 2020.
“As our clients’ treasury needs continue to rapidly evolve, Citi is always looking to develop client-focused solutions that are thoughtful and forward-thinking to deliver on what clients crave in their day-to-day operations,” said Citi’s Head of U.S. Commercial Derivative Sales, Kyle Falconi.
“We look forward to offering our clients a seamless, technology-based FX and payments solution with the support of the Kantox team.”
Kantox’s CEO, Philippe Gelis, added, “Citi is tech-minded and we see this partnership as further confirmation of a global trend of cooperation between banks and fintechs. Kantox is pleased to provide Citi with solutions that help to automate, ease IT burden and remove friction from the client experience. We look forward to working together.”
As part of the relationship, Citi and Kantox expect to expand the FX automation services available to Citi’s corporate and commercial bank customers.
Future offerings may include Kantox’s micro-hedging technology, Dynamic Hedging, which was named Best Risk Management Solution at the Treasury Management International Awards for Innovation and Excellence.