Citi implements CitiConnect API for MAS Intimates

Seated from left: Charith Gunasekera (Treasury, MAS Intimates), MAS Intimates Finance Director Nalinde Jayasekara, Citi Treasury and Trade Solutions Head Dilshan Seneviratne, Citi Senior Relationship Manager Shanela Peries, and MAS Digital Excellence Solution Manager Erich Joseph. Standing from left: Citi Cash Management Head Romello Gomez, MAS Digital Excellence Business Applications Consultant Chathuranga Senevirathna, Ashan De Alwis (Digital Client Support, Citi), MAS Digital Excellence Manager – Applications Development Kantha Liyanage, and MAS Digital Excellence Project Manager Yujith Perera

Evolving client needs, both locally and globally, has seen the need for fully automated solutions to process transactions directly from the client’s own Enterprise Resource Planning (ERP) systems to their banking partners, without having to rely solely on banking portals that often require proprietary builds, applications or interfaces. 

As Citi Sri Lanka’s Treasury and Trade Solutions (TTS) launched an Application Programming Interface (API) solution for payment initiation, CitiConnect API, Citi’s industry leading connectivity platform, the first client to successfully complete the implementation is MAS Intimates Ltd., a division of MAS Holdings, South Asia’s largest end-to-end apparel solutions provider.

For banks and corporates, a main goal is to remove friction from their treasury processes. The banking industry is looking to make it easier for customers to connect and integrate treasury functions in a safe and secure way. APIs are opening the door, allowing customers to conveniently manage services at their bank, such as accessing balances and sending instructions, directly from their native Enterprise Resource Planning (ERP) systems, eliminating the need to log into a banking portal.

“APIs are changing the corporate environment at lightning speed — and we are committed to making sure they deliver for our clients in transaction services,” said Citi Sri Lanka Head of Treasury and Trade Solutions Dilshan Seneviratne. “Citi has embraced the opportunities presented by API technology and we use these innovations to help our key corporate clients such as MAS Intimates achieve their treasury management objectives such as improving security, efficiency through automation, cost reduction while enhancing visibility and control.”

CitiConnect API will allow MAS intimates to directly connect with Citi to access services using their own ERP providing higher level of security, convenience and potential cost savings. It will offer the company the right solution on a global scale with the ultimate flexibility and choice of how, where and when they want to access Citi’s network using their ERP. MAS have integrated their treasury processes to deliver payments real time to Citi and collect information on the status of their payments, which offers them a greater digital experience. 

“We always invest in new technologies that will future-proof our business and ensure that we always stay ahead of the curve,” said MAS Intimates Finance Director Nalinde Jayasekara. “We believe the new API integration will pave the way for more layers of automation to our payment processing in future, on top of the real-time transaction processing already offered.”

Across every industry, APIs are proving to have significant business impact and it will allow corporates with global presence like MAS to build modern, cross-functional banking applications while allowing them enhanced security options that safeguard their day to day banking experience. This was a key priority for MAS as security and cybersecurity specifically, is paramount in today’s digital world. APIs while being relevant, will also help MAS utilize digital credentials and signature technology in a comprehensive manner, allowing them to transact with confidence.  “Digital technology grants unprecedented access to information and services while also creating massive cybersecurity challenges that leave many aspects of an organisation vulnerable. The goal was to allow the secure sharing of financial data so that transactions and other financial activities can occur seamlessly, which is a key advantage of the API integration,” added MAS Holdings Chief Digital Officer Jehan Mutaliph.

CitiConnect is part of an omni-channel digital banking product suite that also includes CitiDirect BE Online Banking and Mobile. CitiConnect APIs are supported through an ecosystem that includes strategic partnerships with various treasury software providers, including FIS, Kyriba, Oracle and SAP. Along with the CitiConnect API Developer Portal and Testing Portal, Citi TTS supports API-based integration in a globally consistent way across TTS’ global footprint.

“The future of the digital world lies in platforms that connect one application to another through API services. This creates opportunities for greater automation and integrated efficiency that benefits our key Clients such as MAS Intimates. Our CitiConnect API solution, is integral to our omni-channel digital banking product suite addressing evolving client needs in this dynamic world.  As a strategic direction, we would continue to invest in our API capabilities to keep supporting the digital transformation of our clients across South Asia,” said Citi South Asia Head of Digital Channels, Data and Implementations Naman Kapoor.

Citi Treasury and Trade Solutions (TTS) enables its clients' success by providing an integrated suite of innovative and tailored cash management and trade finance services to top tier local corporates, 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 the industry's most comprehensive range of digitally enabled treasury, trade and liquidity management solutions.