Launched in 90 countries, the new solution uses advanced analytics, Artificial Intelligence (AI) and Machine Learning (ML) to proactively detect outlier payments, which that do not conform to clients’ past patterns of payment activity.
Citi’s solution enables clients to review and approve or reject such outlier payments through Citi’s institutional electronic banking platforms such as CitiDirect BE and CitiConnect.
The new service offers various benefits to clients, including enhanced control and monitoring of payments, reduced risk associated with outlier payments and subsequent losses and unique tailored customer profiles that detect individual payment patterns.
The Payment Outlier Detection solution offers AI-driven constant learning based on client usage and real time alerts before outlier payments are sent to the beneficiary.
Citi’s solution uses advanced statistical machine learning algorithms rather than legacy rules-based logic to analyse payment patterns.
The new solution will automatically adjust controls to monitor discrepancies and changes in client payment behaviour, enabling to analyse and detect potential anomalies in affected payments before they are sent for clearing.
Citi’s Treasury and Trade Solutions’ payments and receivables global head Manish Kohli said: “Citi is committed to providing clients with solutions that deliver enhanced control, transparency and efficiency for their global payments.
“Citi Payment Outlier Detection is yet another example of our execution against this goal and providing clients with tools that leverage innovation and new technologies for unique value.”
The launch is said to follow an extensive global pilot with 20 clients and is based on design principles that require minimum integration effort for clients.
The new solution has client configurable product features such as the capacity to synchronise payment release with the cut-off times, advanced analytics and an increased choice of entitlement options.
With direct client collaboration, the Citi Payment Outlier Detection solution has been developed in the Citi Innovation Lab in Dublin of Ireland. Citi is also in the process of incorporating Feedzai’s transaction monitoring platform to offer clients with better service capabilities.
Citi TTS offers an integrated suite of cash management and trade finance services to multinational corporations, financial institutions and public sector organisations across the globe.
