Citi Unifies Global Custody Infrastructure with Single Event Processing
Citi has launched its Single Event Processing (SEP) technology in North America, unifying its global and direct custody infrastructure onto a single platform. This move aims to empower clients with real-time insights and streamline transaction processing.
Previously, Citi's custody services required multiple processing events for domestic and global transactions. SEP has simplified this process, enabling clients to complete payment processing in under five minutes, a significant improvement from the previous 8-12 hours.
The new system also reduces event creation time to less than 45 minutes, down from 12-36 hours. This efficiency is achieved by eliminating duplication and reconciliation, leading to faster access to funds and improved accuracy.
SEP facilitates tighter instruction deadlines, including same-day cut-offs, and enables real-time processing of all global asset-servicing transactions. Clients can now make better-informed decisions with real-time insights.
Citi plans to expand SEP across its entire custody network by 2026, further enhancing its global custody services. The rollout of SEP in North America is a significant step towards this goal, demonstrating Citi's commitment to improving client experience and driving innovation in the industry.
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