Key Highlights:
- Citi Investor Services launched its Single Event Processing (SEP) technology, unifying its global and direct custody infrastructure for real-time asset servicing.
- This new technology enables clients to make timely, smarter and better-informed decisions with faster access to funds and improved accuracy.
- SEP is being rolled out in North America following its introduction in select European markets and with International Central Securities Depositories. It will be extended to the rest of Citi's custody network by 2026.
Citi Investor Services, which delivers the bank's leading and comprehensive post-trade platform, has marked a significant step in its advancement of real-time asset servicing with the launch of its Single Event Processing (SEP) technology. The bank expects the majority of its custody flows to be processed using SEP by 2026.
SEP unifies Citi's global and direct custody infrastructure so that every asset servicing transaction will be processed in real-time through a single and seamless flow. The new technology delivers Citi's custody network of over 100 markets, including its proprietary direct custody network of over 63 markets, in a single platform to its clients.
Chris Cox, Head of Investor Services at Citi, said, "We are redefining the future of custody in a manner that is distinct to Citi as we augment the delivery of our leading global network to bring new and unique benefits to clients. Across our broader Services platform, we can now deliver real-time cash, liquidity and asset servicing and that is an extremely powerful client proposition. The launch of Single Event Processing marks a significant milestone for us in our journey to be the leading custody provider globally."
The move to real-time in asset servicing, an area that is often associated with manual, fragmented and slow processes, is enabling clients to make timely, smarter and better-informed decisions on the back of heightened efficiencies and reduced delays. They have faster access to funds, and they benefit from improved accuracy as Citi eliminates duplication, handoffs and reconciliation delays.
"The future of post-trade is instant. The launch of Single Event Processing and real-time asset servicing is a critical component of how we are transforming our services for the future," said Amit Agarwal, Head of Custody, Citi Investor Services. "We are making investments to transform our infrastructure, modernize our applications and simplify our processes for a best-in-class client experience as markets continue to evolve and new asset types come to the fore."
Since the launch of SEP, event creation takes minutes compared to hours. Payments are being processed in less than five minutes, bringing clients closer to the local market with real-time processing. The technology is also enabling a move towards tighter including same day cut off instruction deadlines.
SEP is moving from early adoption to global scale, having first been introduced in select European markets and with International Central Securities Depositories (ICSDs). The technology is currently being rolled out in North America and will be extended to the rest of Citi's custody network by 2026.
About Citi
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 180 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.
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