Citi Treasury and Trade Solutions (TTS) in Latin America deployed its Citi digital account to help institutional clients digitize their banking experiences, eliminating the need for signature cards, check books or manual wet signature transactions, according to a statement Press.
In addition, customers will benefit from a suite of digital self-service tools and biometric authentication, the statement said.
The Citi digital account can integrate with Citi digital banking platforms, making it easier to manage accounts and optimize customer business intelligence, the statement said.
The Citi digital account is now available in Brazil, Colombia, Costa Rica, Dominican Republic, Ecuador, Guatemala and Puerto Rico, the statement said. Other countries will offer it next year.
“The future of banking in Latin America is here, and it’s out of control,” said Driss Temsamani, Latin America digital manager at City TTS. “The Citi digital account will help build a digital cashless economy. Digital adoption is growing rapidly across Latin America. There is an increase in central bank digital currencies, open banking, and real-time payments. After four years of building our digital bank and transforming our business model, today we have the leading digital platform in Latin America to help businesses and governments succeed in the digital economy.
Additionally, Citi partnered with Corporate Spending Innovations (CSI) on a new B2B payment offering in May.
Through this partnership, CSI’s online payment functions will be used in conjunction with Citi’s international network for better payments to e-commerce providers.
And, Citi is one of several banks that could face charges in the UK for currency rigging. A $ 1.4 billion class action lawsuit focuses on alleged foreign exchange price manipulation, with banks unfairly paying for currencies for at least six years. Bank lawyers urged the court to block class actions in favor of legal action.