Citigroup Global Transaction Services has released CitiDirect Online Banking, a new module designed specifically for correspondent banks. Using the platform, CitiDirect users can issue commercial letters of credit, letter of credit amendments, reimbursement authorizations, reimbursement amendments and free form trade services messages. According to Citigroup, clients can avoid the cost of sending transactions via telex or courier, the lengthy delays of surface mail, and the lack of security with hard copies. Clients using CitiDirect will enjoy a high degree of straight-through transaction processing and are able to eliminate the slowdowns associated with manual telex test keys or signature verifications, according to the organisation. ‘Financial Institutions in the emerging markets are an important part of our correspondent banking network,’ said Naveed Riaz, Managing Director and Global Head of Trade at Citigroup.
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