Citi Verify is now live, offering institutions a real-time account verification solution.
Citi’s Treasury and Trade Solutions (TTS) launched Citi Verify to helps clients streamline customer onboarding.
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Furthermore, the platform drives operational efficiency and reduces the risk of improper payments occurring. Through Citi’s relationship with GIACT Systems Citi Verify provides institutional clients the ability to validate their US-based customers’ information prior to enrolling and initiating transactions.
With the new platform Citi customers will gain access to GIACT’s EPIC platform. The platform offers an extensive, real-time network of identity verification and authentication services
North America Payments and Receivables Head, with Citi’s Treasury and Trade Solutions, lberto Casas:
“Citi Verify demonstrates our commitment to providing a seamless payment experience, especially at a time when the industry is moving towards real-time and tokenised payments.
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By GlobalData“Not only does Citi Verify provide a layer of assurance for our clients when onboarding new customers, it also addresses the major costs incurred across the industry from misdirected payments, such as ACH returns, and will significantly strengthen the case for institutional adoption of Instant Payments. Our clients will now have added visibility and assurance that their transactions will be processed successfully.”
Citi Verify: security enhanced
In addition to account verification, the platform also proves customer identity verification.
Therefore, clients using Verify benefit from an added layer of security. Furthermore it is available through a single API or via a web or batch interface.
Some of the services available include customer intelligence that comprises of over four billion records.
Casas continued: “Customer intelligence has become vital as the speed and volume of e-Commerce, payment processing, and digital onboarding continues to increase exponentially.
“With Citi Verify, our clients now have access to the most comprehensive identity and account verification solution in the marketplace.”
At the moment, Citi Verify is available to clients in the US. The platform will be integrated into the existing range of payments solutions offered by TTS.
TTS supports clients by offering a suite of cash management and trade finance services to multinational corporations, financial institutions and public sector organisations globally.
