Citi observes steady increase in adoption of APIs 19 August 2021Hong Kong Reporter: Maddie Saghir
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Citi Treasury and Trade Solutions (TTS) Asia Pacific revealed it has processed close to 350 million application programming interface (API) calls for corporate clients since the launch of APIs for corporates in 2017.
APIs facilitate the execution of a range of functions that support real-time banking experience as corporate clients digitise their businesses.
Citi’s APIs for corporates are offered through TTS’ CitiConnect solution, and includes over 80 APIs, covering both data-driven and transaction-driven APIs.
Data-driven APIs support self-servicing needs including producing reports, providing real-time foreign exchange information to a client, as well as account services including providing proof of payments to clients.
Transaction-driven APIs facilitate payment transactions, including instant payments and collections, request-to-pay transfers as well as WorldLink transfers.
In 2020 alone, Citi says TTS Asia Pacific doubled its API client base year-on-year and grew API call volumes by 52 per cent in the same period.
According to Citi, momentum has continued through to this year. In the second quarter, the business’ API client base grew 45 per cent year-on-year.
Citi further explains APIs that support account services have also seen notable increases in usage.
In the first half of the year, Account Balance Inquiry API call volumes grew by close to 2.4 times compared to the same period in 2020. Account Statement API call volumes rose by 64 per cent in the same period.
Citi highlights that this was due to clients increasingly adopting real-time processes and enabling faster reconciliation of transactions.
Sanjeev Jain, Asia Pacific head of payments and receivables, TTS, Citi, comments: “APIs provide instant, seamless and direct connectivity between Citi’s and clients’ platforms and systems.”
Jain affirms: “This connectivity gives clients the ability to offer enhanced user experiences to their customers while giving them access to real-time information that is fundamental to efficiency and decision-making. APIs, used in various ways, can help corporate clients transform the way they engage with their end-consumers, optimise working capital and increase sales growth.”
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