Citi’s Treasury and Trade Solutions (TTS) has launched a new identity and account verification solution dubbed Citi Verify.
The solution supports clients in streamlining customer onboarding, reducing the risk of improper payments, and help drive operational efficiencies.
Citi Verify has been developed in collaboration with payments and identity fraud prevention specialists GIACT Systems.
“Citi Verify demonstrates our commitment to providing a seamless payment experience, especially at a time when the industry is moving towards real-time and tokenized payments,” said Alberto Casas, North America payments and receivables head, Citi’s Treasury and Trade Solutions.
It provides institutional clients the ability to validate their US-based customers’ information prior to enrolling and initiating transactions.
Furthermore, Citi customers will gain access to GIACT’s EPIC Platform – a real-time network of identity verification and authentication services.
Casas continued: “Not only does Citi Verify provide a layer of assurance for our clients when onboarding new customers, it also addresses the major costs incurred across the industry from misdirected payments, such as ACH returns, and will significantly strengthen the case for institutional adoption of Instant Payments.
“Our clients will now have added visibility and assurance that their transactions will be processed successfully.”
Citi Verify is available to clients in the United States and will be integrated into the existing suite of payments and receivables solutions offered by Citi’s Treasury and Trade Solutions.
Casas spoke of the importance of customer intelligence and how KYC has become as “vital as the speed.”
He concluded: “With Citi Verify, our clients now have access to the most comprehensive identity and account verification solution in the marketplace.”
Citi Group recently announced the introduction of biometric authentication in Asia Pacific.
