Citi Nixes Physical Tokens For Corporates

Citi is rolling out a new solution that enables corporates to ditch physical tokens when logging onto their business platforms.

The bank announced Wednesday (Jan. 25) the launch of MobilePASS, a soft token based in a mobile app that turns a smartphone into a token for professionals. MobilePASS can be used when these professionals need to log into Citi’s digital banking platform, CitiDirect BE, for desktop, mobile and tablet.

Traditionally, Citi explained in its release, users of its online banking tool were required to carry physical tokens that generate login passcodes as a means of authenticating the user. Now, Citi’s MobilePASS tool makes a smartphone the soft token that can generate those passcodes and give users access to the digital banking platform.

MobilePASS is rolling out across 11 markets in the Asia-Pacific region, Citi said, and supports custom levels of access depending on who is using the solution.

“This solution is an important part of our continuous effort led by Citi Innovation Lab to bring best-in-class digitized experience to our clients,” explained Keng-Mun Lee, Asia-Pacific head of channel and enterprise services for treasury and trade solutions at Citi, in a statement. “MobilePASS is easy to use and improves the login experience for users of all levels within the organization — from CFOs who need to view transaction analytics, to corporate treasurers who approve transactions on-the-go, to personnel who need to connect from the office or work from home. In addition, it enhances the security of their login process, whilst complying with applicable local regulatory requirements.”

Users of CitiDirect BE can download the MobilePASS app online. Additional security measures can be used alongside the app, the bank noted, including Fingerprint ID and PIN. MobilePASS saw a soft launch last year, with initial adopters having used the solution more than 10,000 times, Citi said. The solution is now available across the region.