New York: Citi announced the launch of a new global API Developer Hub (developer.citi.com) to rapidly connect with developers and enable them to build innovative client solutions faster than ever before. The global developer platform is one of the most comprehensive to date in the financial services industry.
The release of Citi APIs marks the evolution of Citi’s technology to open architecture, which will facilitate collaboration and partnerships with FinTech companies and consumer brands across the globe to benefit customers. Through the global API Developer Hub, Citi will grant developers access to APIs across eight usage categories, including account management, peer to peer payments, money transfer to institutions, Citi rewards, investment purchases and account authorization. Additional categories will be added over time.
“Citi’s Global Developer Hub advances our open-innovation approach to delivering cutting edge solutions and enabling new streams of value for clients, partners and developers,” said Stephen Bird, CEO, Global Consumer Banking at Citi. “The rapid pace of technological change demands transformation from the inside out and the outside in. By creating a collaborative ecosystem of leading brands and developers, we will be able to offer a complete suite of products, services and experiences to meet our clients’ financial needs today and in the future.”
Sopnendu Mohanty, Chief FinTech Officer of the Monetary Authority of Singapore, said, “We are delighted that Citi Singapore is playing a leading role in developing and launching this global API initiative during the Singapore FinTech Festival which is held from 14-18 November 2016. This will encourage open collaborations with the FinTech community and potentially deliver better financial services for customers, as well as re-affirm Citi’s thought leadership in shaping the future of financial services.”
Citi has already teamed up with several leading companies, including Mastercard, Virgin Money and Wonder, that are leveraging Citi API’s to develop innovative customer solutions. Earlier this year in the U.S., Citi’s Pay with Points API started providing Citi ThankYou® Rewards members with an eligible Citi credit card the option to use points to cover all or part of their purchases with a statement credit when using their card to make purchases on BestBuy.com and in the Wonder App. In October, 1800Flowers.com was added as ThankYou Rewards’ latest Pay with Points participant.
“The Virgin Money and Citi partnership continues to go from strength to strength,” said Greg Boyle, CEO, Virgin Australia. “A key priority is the delivery of a new dedicated Virgin Money mobile app which will leverage Citi’s APIs for credit card functionality to deliver a fantastic experience for our customers. Citi’s support via their APIs is critical to ensuring we meet the digital needs of our customers today and will allow ongoing innovation into the future.”
In Singapore, Citi has partnered with honestbee, one of Asia’s fastest growing online concierge and delivery services, to allow their customers to apply for a Citi Cash Back card on honestbee’s website and mobile app. Launching in December, this integrated experience for customers is made possible using Citi’s API technology, allowing a seamless card application process via Citi’s merchant partners’ sites.
The Global Developer Hub, developed by Citi FinTech and Citi teams across Asia, North America and Mexico, is the latest in a series of Citi innovations, from pioneering the ATM to introducing the first banking app for Apple Watch. In 2014, Citi launched a global hackathon and accelerator called the Citi Mobile Challenge which traveled to Latin America, the U.S., Europe, the Middle East, Africa and Asia Pacific, with participation from thousands of developers across more than 100 countries. In 2015, Citi FinTech was created as a new unit within Citi’s Global Consumer Bank, charged with accelerating speed to market with next generation mobile banking capabilities.
The global API Developer Hub launched today. Developers are invited to register their interest at developer.citi.com where they will be given tools to connect in a development sandbox, enabling them to test their ideas.