Citi is leveraging a newly formed strategic partnership with Cachematrix to create an online investment gateway for money market funds (MMF), Citi announced in a press release on Tuesday (Oct. 8).
Cachematrix, a software as a service (SaaS) FinTech, specializes in making cash control easier. The alliance intends to pilot development in the handling of money market funds to automate and simplify investment decisions.
“The world is moving toward better technology, simpler design and instant access to data and automated analytics,” said Mark Smith, Citi Global head of liquidity management services, treasury and trade solutions. “We have redesigned the end-to-end MMF user experience in our Citibank Online Investment portal to ensure that we are providing our clients with more data-rich fund research and analytics tools; new choices for automated sweep rebalancing; a simplified account structure; and enhanced usability with increased customization options.”
CitiDirect BE’s mobile banking solution will enable finance professionals to better manage MMF portfolios by leveraging innovative data tools to support their tactical decision-making and risk management processes.
“Cachematrix is excited to power Citi’s Online Investments portal with our best-in-class financial technology. As cash management has become increasingly in focus with corporate investors, it is important for financial institutions to provide innovative liquidity solutions that create ease in what has historically been a cumbersome process,” said Dave Agostine, CEO of Cachematrix. “We believe our partnership with Citi and revamp of the Online Investments portal will help to drive efficiencies for the client with a modern and simplified cash management experience.”
The international solution was created to offer clients a simplified online journey for the management of their MMF portfolios. It is said that clients will experience a sleek framework with collaborative features.
In related news, Citi has recruited foreign exchange management firm Kantox to enhance its FX services for corporate clients. The company will provide its FX management and business payment solutions to Citi Commercial Bank’s international businesses based in the U.S. Those firms will be able 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.
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