Citi has recruited foreign exchange management firm Kantox to enhance its FX services for corporate clients, the companies said in a press release on Monday (Oct. 7).
According to Kantox, the company will provide its FX management and business payment solutions to Citi Commercial Bank’s international businesses based in the U.S., enabling those firms to access a custom platform that integrates with Citi’s existing foreign currency payments solution. The software will also bridge businesses to automated treasury tools as well as local and cross-border payment services for both businesses and banks.
The offering is part of Citi’s existing Dynamic Management Foreign Exchange initiative, the firms noted, adding that the software is currently in pilot phase with select Citi commercial clients. The companies expect to announce a wider rollout of the service next year.
“As our clients’ treasury needs continue to rapidly evolve, Citi is always looking to develop client-focused solutions that are thoughtful and forward-thinking to deliver on what clients crave in their day-to-day operations,” said Kyle Falconi, head of U.S. Commercial FX and Derivative Sales at Citi, in a statement. “We look forward to offering our clients a seamless, technology-based FX and payment solution with the support of the Kantox team.”
“Citi is tech-minded, and we see this partnership as further confirmation of a global trend of cooperation between banks and FinTechs,” added Kantox CEO Philippe Gelis in another statement. “Kantox is pleased to provide Citi with solutions that help to automate, ease IT burden and remove friction from the client experience.”
The firms noted they will continue to collaborate on joint corporate FX solutions and expect to expand their offerings to Citi’s corporate customers in the future. The press release said this may include the integration of Kantox’s Dynamic Hedging FX solution.
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