• Published on 10 November 2016
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Citi launches global API developer portal to enable open banking

Citi announced the launch of a new global API Developer Portal (developer.citi.com) to rapidly connect with developers and enable them to build innovative client solutions faster than ever before.

The release of Citi APIs marks the evolution of Citi’s technology to open architecture to facilitate collaboration and partnerships with FinTech companies and consumer brands across the globe to benefit customers. Through the global developer portal, Citi will grant developers access to APIs across six usage categories, including account management, peer to peer payments, money transfer to institutions, Citi rewards, investment purchases and account authorization. Additional categories will be added over time.

“Citi’s Global Developer Portal advances our open innovation approach to delivering cutting edge solutions and enabling new streams of value for clients, partners and developers,” said Stephen Bird, CEO, Global Consumer Banking at Citi. “The rapid pace of technological change demands transformation from the inside out and the outside in. By creating a collaborative ecosystem of leading brands and developers, we will be able to offer a complete suite of products, services and experiences to meet our clients’ financial needs today and in the future.”

“At Citi we are focused on making banking easier for our customers by leveraging digitization, mobile technology and innovation. Our open architecture approach is supported by the launch of APIs as a key enabler for the rapid and dynamic deployment of services and capabilities that will allow us to be increasingly relevant to our customers and target markets across Asia Pacific. The API developer portal enables the further acceleration of offering our banking services in all areas of our customers’ digital lives and ecosystems,” said Francisco Aristeguieta, CEO, Asia Pacific Citi.

Sopnendu Mohanty, Chief FinTech Officer of the Monetary Authority of Singapore, said, “We are delighted that Citi Singapore is playing a leading role in developing and launching this global API initiative during the Singapore FinTech Festival which is held from 14-18 November 2016. This will encourage open collaborations with the FinTech community and potentially deliver better financial services for customers, as well as re-affirm Citi’s thought leadership in shaping the future of financial services.”

Citi has teamed up with several leading companies, including Mastercard, Virgin Money and Wonder. Earlier this year in the U.S., Citi’s Pay with Points API started providing Citi ThankYou® Rewards members with an eligible Citi credit card the option to use points to cover all or part of their purchases with a statement credit when using their card to make purchases on BestBuy.com and in the Wonder App.

"The Virgin Money and Citi partnership continues to go from strength to strength,” said Greg Boyle, CEO, Virgin Australia. “A key priority is the delivery of a new dedicated Virgin Money mobile app which will leverage Citi's APIs for credit card functionality to deliver a fantastic experience for our customers. Citi's support via their APIs is critical to ensuring we meet the digital needs of our customers today and will allow ongoing innovation into the future."

Re-disseminated by The Asian Banker