BRISTOL, England, June 16, 2023 /PRNewswire/ — Citi Treasury and Trade Solutions (TTS) and Pismo, the next-gen banking and payments software company, jointly announced their relationship in which Citi will use Pismo’s technology platform to help strengthen Citi’s corporate demand deposit accounts (DDA), to clients worldwide.
Citi TTS continues to migrate its solutions, services, and infrastructure to create “always on” capabilities aimed to improve the overall client experience and provide clients with the ability to operate DDA capabilities in real-time with 24×7 processing. Upgrading the current DDA infrastructure is a core element to the TTS technology revamp strategy, allowing for better scalability and increased processing volumes.
Stephen Randall, Global Head of Liquidity Management Services, Citi Treasury and Trade Solutions, said, “Pismo was selected based on its core expertise and knowledge in cloud-based banking and payments capabilities. We look forward to working together and exploring different ways in which our relationship can drive Citi’s work to help deliver clients’ global ambitions.”
Ricardo Josua, Pismo CEO and co-founder, said, “We are deeply honoured to serve Citi as a key part of its journey. This relationship will help establish Pismo as one of the leading players in the cloud-native core banking space. Citi’s selection of Pismo is a resounding endorsement of our decision to stay true to our cloud-native architectural roots and our decision to start expanding internationally in 2021.”
Citi’s relationship with Pismo also creates value for Citi clients by helping to deliver:
- A nimble and scalable microservice-based ecosystem free of market-specific hardcoded applications, allowing for faster delivery of enhancements, easier integration across products and a globally consistent experience
- High volume 24×7 processing and real-time data availability, which will enable clients to make more efficient cash management decisions while taking advantage of Citi’s global network
Pismo’s cloud-based core solutions are initially planned to be deployed by Citi in the U.S. market.
Citi Treasury and Trade Solutions (TTS) helps enable our clients’ success by providing an integrated suite of innovative and tailored cash management and trade finance services to multinational corporations, financial institutions, and public sector organizations across the globe. Based on the foundation of the industry’s largest proprietary network with banking licenses in over 90 countries and globally integrated technology platforms, TTS continues to lead the way in offering a comprehensive range of digitally enabled treasury, trade, and liquidity management solutions.
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 nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.
Pismo is a technology company providing an all-in-one processing platform for banking, payments, and financial markets infrastructure globally. Large banks, marketplaces, and fintech companies use our cloud-native microservices platform to launch next-generation solutions and move from legacy systems to the most advanced technology in the market. The Pismo cloud-based platform empowers firms to build and launch financial products rapidly, scaling as they grow to have a broader audience while keeping high security and availability standards. Additional information may be found at www.pismo.io
Citi Institutional Clients Group
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