Citi Treasury and Trade Solutions (TTS) Latin America has rolled out its Citi Digital Account to help institutional clients digitize their banking experiences, eliminating the need for wet-signed signature cards, checkbooks or manual transactions, according to a press release.
In addition, clients will benefit from a suite of digital self-service tools and biometric authentication, the release stated.
The Citi Digital Account can integrate with Citi digital banking platforms, which makes account management easy and optimizes clients’ decisioning information, according to the release.
The Citi Digital Account is now offered in Brazil, Colombia, Costa Rica, the Dominican Republic, Ecuador, Guatemala and Puerto Rico, the release stated. More countries will offer it next year.
“The future of Banking in Latin America is here, and it is checkless,” said City TTS Latin American Head of Digital Driss Temsamani. “The Citi Digital Account will help build a cashless digital economy. Digital adoption is rapidly growing throughout Latin America. There is a rise in central bank digital currencies, open banking and real-time payments. After four years of building our digital bank and transforming our business model, today we have the leading digital platform in Latin America to help businesses and governments succeed in the digital economy.”
Via the partnership, CSI’s online pay functions will be used in combination with Citi’s international network for better payments to eCommerce suppliers.
And, Citi is among several banks that could end up facing charges in the U.K. over exchange rigging. A $1.4 billion class-action case focuses on alleged foreign exchange price manipulation, with the banks reportedly unfairly paying out foreign exchanges for at least six years. Lawyers for the banks have urged the court to block the class-action claims in favor of an opt-in lawsuit.