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Citi Investor Services has launched Single Event Processing (SEP) technology, unifying its global and direct custody infrastructure to enable real-time asset servicing across its network of over 100 markets.
The technology, which processes every asset servicing transaction through a single seamless flow, has been introduced in select European markets and with International Central Securities Depositories (ICSDs). It is currently being rolled out in North America, with the bank expecting the majority of its custody flows to be processed using SEP by 2026.
SEP delivers Citi's custody network, including its proprietary direct custody network of over 63 markets, through a single platform. The system has reduced event creation time from hours to minutes, with payments now processed in under five minutes.
Chris Cox, head of investor services at Citi
Chris Cox, head of investor services at Citi, said:
"We are redefining the future of custody in a manner that is distinct to Citi as we augment the delivery of our leading global network to bring new and unique benefits to clients. Across our broader Services platform, we can now deliver real-time cash, liquidity and asset servicing and that is an extremely powerful client proposition. The launch of Single Event Processing marks a significant milestone for us in our journey to be the leading custody provider globally."
The move addresses inefficiencies in asset servicing, an area traditionally associated with manual, fragmented and slow processes. Clients gain faster access to funds and benefit from improved accuracy as the technology eliminates duplication, handoffs and reconciliation delays.
Amit Agarwal, head of custody at Citi Investor Services
Amit Agarwal, head of custody at Citi Investor Services, said:
"The future of post-trade is instant. The launch of Single Event Processing and real-time asset servicing is a critical component of how we are transforming our services for the future. We are making investments to transform our infrastructure, modernise our applications and simplify our processes for a best-in-class client experience as markets continue to evolve and new asset types come to the fore."
The technology is also enabling tighter instruction deadlines, including same-day cut-offs. The bank expects to extend SEP to the rest of its custody network by 2026. Citi is a banking partner for institutions with cross-border needs, a global leader in wealth management and a personal bank in the United States. The bank operates in more than 180 countries and jurisdictions.
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