|Citibank and SunGard Join Forces to Provide Straight Through Processing Through SunGard's eTreasury eXchange |
Thursday September 5, 9:03 am ET
CALABASAS, Calif.--(BUSINESS WIRE)--Sept. 5, 2002--SunGard Treasury Systems, an operating group of SunGard (NYSE:SDS), today announced that Citibank e-Business, a unit of Citigroup (NYSE:C), is now an eTreasury eXchange (eTX) participant. Citibank is the first financial institution to provide a comprehensive range of cash and treasury management services through eTX to SunGard customers around the world.
As a result of this joint offering with SunGard's eTreasury eXchange, Citibank provides seamless access to their cash and treasury management services to large corporations' domestic and global treasury functions. The first mutual customer of Citibank and SunGard Treasury Systems to benefit from this offering is a premier logistic services company, which is already achieving straight-through-processing in their treasury operation by integrating bank account balance information into their cash positions. This enables the concentration of their cash positions and the execution of the necessary payment and treasury transactions.
Simon Williams, Chief Executive Officer of Citibank e-Business, adds that: "This offering will give our clients more flexibility in managing their cash management business anywhere in the world. Delivering the bank's services through the SunGard treasury solution supports our strategy of providing real-time connectivity and straight through processing to our clients -- optimizing operations and enhancing decision-making."
eTreasury eXchange is the service dedicated to corporate treasuries of the SunGard Transaction Network (STN) for cash management between the corporations using Quantum, ICMS/TS, ResourceIQ(2) and GTM treasury solutions and Citibank. The joint offering provides Citibank clients with direct access to their financial information, integrated in real-time into their treasury management software, enabling them to optimize their liquidity position.
"As Citibank is a trusted financial services provider to more than half of our clients, this relationship adds significant value by providing these clients with information and transaction services directly embedded into their own SunGard Treasury System applications," said Ken Dummitt, president, SunGard Treasury Systems.