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Citi and Oracle Unlock Corporate Access to Treasury Services for Oracle ERP Cloud Customers

24-Oct-2018
Citi and Oracle Unlock Corporate Access to Treasury Services for Oracle ERP Cloud Customers
The Citi and Oracle ERP Banking as a Service (BaaS) Connector is now available, speeding integration and time to payment for the companies’ joint customers. With this, these organizations will be able to easily access Citi’s Treasury and Trade Solutions services via the Connector.

To compete at a global scale, enterprises must have a fast, efficient financial supply chain, from the transaction through to payment. With the Citi and Oracle ERP BaaS Connector, corporations can eliminate friction and complete transactions with one-click, real-time connectivity.

Using the CitiConnect® application programming interfaces (APIs), Oracle ERP Cloud customers can connect to the suite of Citi Treasury and Trade Solutions. This enables easy integration with Citi’s core treasury management functionality, which currently allows payment initiation and is soon expected to extend to transaction status inquiry and balance inquiry.

“At Citi, we are committed to providing clients with omni-channel experiences by seamlessly embedding our solutions into our clients’ existing treasury applications, making it easier to do business,” said Tapodyuti Bose, Global Head of Channel and Enterprise Services, Citi Treasury and Trade Solutions. “The symmetry between our customer base and Oracle’s ERP Cloud customers is extensive. With this offering, we are making it simpler and more time and cost effective for our joint customers to get business done.”

The Connector utilizes existing functionality within Oracle ERP Cloud to send payment information securely and directly to Citi without leaving the application. By simplifying these treasury operations, corporations can reduce the need for specialized development resources and complex integrations. And with processes, payment instruments, and country-specific rules built in, customers can cut the overall time it takes to connect Oracle ERP Cloud and Citi, while delivering a seamless corporate payments experience.

The Connector is built on the Oracle Digital Innovation Platform for Open Banking, a cloud-based, open API solution backed by the Oracle Cloud Infrastructure Platform. The platform delivers effective, predictable integrations, and open-marketplaces with banking API services from banks such as Citi and FinTechs, so these organizations can seamlessly interoperate with Oracle applications to rapidly assemble, enable and digitize services.

“The payment onboarding and execution process between banks and corporations is complex and resource-intensive,” said Sanjay Mathew, senior director of industry solution financial services, Oracle. “Enabling easy connectivity between Oracle ERP Cloud and Citi simplifies the complexity and reduces friction in the financial supply chain – enabling fast, secure and transparent integration that delivers unmeasurable value to our joint corporate customers.”

Oracle ERP Cloud helps organizations automate core business processes, integrate disparate systems and streamline financial business processes and technology requirements. This enables customers to rapidly adapt to changing business demands and achieve a competitive advantage by increasing productivity, reducing costs, creating a single source of the truth and driving end-to-end business innovation.

CitiConnect® is Citi’s industry leading connectivity platform, and is part of the omni-channel digital banking product suite that also includes CitiDirect BE®, CitiDirect BE® Mobile and CitiDirect BE® Tablet.

Citi Treasury and Trade Solutions (TTS) help enable its clients’ success by providing an integrated suite of innovative and tailored cash management and trade finance services to multinational corporations, financial institutions and public sector organizations across the globe. Based on the foundation of the industry’s largest proprietary network with banking licenses in over 90 countries and globally integrated technology platforms, TTS continues to lead the way in offering the industry’s most comprehensive range of digitally enabled treasury, trade and liquidity management solutions.