US banking major Citi has unveiled a new global application programming interface (API) portal to allow developers build innovative client solutions faster.

The bank said that the launch of the new API Developer Portal “marks the evolution of Citi’s technology to open architecture” to support collaboration with fintech firms worldwide.

Developers using the new portal will gain access to APIs across six categories such as account management, peer to peer payments, funds transfer to institutions, Citi rewards, investment purchases and account authorisation.  

Additional categories are expected to be added over time, the lender said.

Developers will be offered tools to connect in a sandbox environment, where they can put their ideas to practice.

Citi global consumer banking CEO Stephen Bird said: “Citi’s Global Developer Portal advances our open innovation approach to delivering cutting edge solutions and enabling new streams of value for clients, partners and developers.

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“The rapid pace of technological change demands transformation from the inside out and the outside in. By creating a collaborative ecosystem of leading brands and developers, we will be able to offer a complete suite of products, services and experiences to meet our clients’ financial needs today and in the future.”

Citi has already been working with Mastercard, Virgin Money and Wonder in the US to provide various services through its API platform.