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FX Digitization Accelerates at Citi

More foreign exchange clients are using digital tools at Citi and the bank is developing a platform that allows end-to-end electronic execution and post-trade integration. According to a story in MarketsMedia, Itay Tuchman, global head of foreign exchange at Citi, said that FX digitization has accelerated as more clients are self-executing and using digital tools, products and services. Tuchman said, “We saw a notable increase early in the pandemic crisis in the use of our mobile app.” He continued that the bank is working towards a platform that allows end-to-end electronic execution and post-trade integration. Flavio Figueiredo, global head of rates and currencies corporate sales, agreed at the briefing that the Covid-19 pandemic has been a great accelerator of the digital agenda. He said, “About 85% of transactions are automated and that will be more than 90% in the near future.” He continued that Citi had a tremendous uptick in onboarding and a 30% growth in new clients on digital platforms in FX payments and receivables. Figueiredo said a big area of digitization will be cross-border payments as commerce becomes increasingly electronic. In addition, foreign exchange transactions become more numerous and miniaturized and need to be integrated with payments, which requires technology development.

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