Citi TTS partners with Pismo to revamp demand deposit accounts
Citi Treasury and Trade Solutions (TTS) is stepping up its game by partnering with Pismo, a banking and payments software company known for its innovative technology.
The collaboration will see Citi utilize Pismo’s tech platform to boost its corporate demand deposit accounts (DDA) offered to global clients, marking a significant move towards “always-on” capabilities and 24/7 real-time processing.
The partnership comes as part of Citi TTS’s broader technology overhaul strategy aimed at improving its client experience and modernizing its services and infrastructure. The upgrade of DDA infrastructure will be key to the initiative, providing enhanced scalability and facilitating increased processing volumes.
Stephen Randall — Citi Treasury and Trade Solutions Global Head of Liquidity Management Services said: “Pismo was selected based on its core expertise and knowledge in cloud-based banking and payments capabilities. We look forward to working together and exploring different ways in which our relationship can drive Citi’s work to help deliver clients’ global ambitions.”
The collaboration with Pismo is expected to add significant value to Citi clients. The benefits include a microservice-based ecosystem that is not just nimble and scalable but also free of market-specific hardcoded applications. This setup will make the delivery of enhancements quicker and integration across products easier, resulting in a globally consistent experience.
Moreover, the alliance promises 24/7 high-volume processing and real-time data availability. This will allow clients to make cash management decisions more efficiently, leveraging Citi’s extensive global network to their advantage. Citi plans to initially deploy Pismo’s cloud-based core solutions in the U.S. market.
Ricardo Josuá — Pismo CEO and co-founder said: “We are deeply honoured to serve Citi as a key part of its journey. This relationship will help establish Pismo as one of the leading players in the cloud-native core banking space.
“Citi’s selection of Pismo is a resounding endorsement of our decision to stay true to our cloud-native architectural roots and our decision to start expanding internationally in 2021.”
Citi TTS offers an integrated suite of cash management and trade finance services to multinational corporations, financial institutions, and public sector organizations across the globe, facilitating their success with innovative and tailored solutions.