CITI TRANSACTION SERVICES

SWIFT Market Infrastructures

As part of the SWIFTNet™ implementation, SWIFT is making its services available to Market Infrastructures (MIs) in the securities and cash payment systems industries. It is anticipated that these MIs will adopt the FileAct, InterAct and Browse facilities specifically, establishing Closed User Groups (CUGs) for their SWIFTNet activity.

There are several advantages to Citi and our clients in using SWIFT to connect to MIs, including:

  • The elimination of more than 100 proprietary machines and lines currently used by Citi
  • More efficient communications with those using the SWIFTNet CUGs and FileAct
  • Improved straight-through-processing rates on both the infrastructure and client side as MIs migrate to SWIFTNet and adopt the 15022 standards

To ensure consistency with the overall global SWIFTNet migration and cost reduction strategies, a Citi sub-committee has been formed to monitor and evaluate these proposed MI migrations.