LONDON & NEW YORK–(BUSINESS WIRE)–Citi (NYSE:C) and Taskize Limited announced today that they have entered into a strategic agreement where Citi Securities Services’ custody clients can leverage Taskize’s query management platform to directly connect to their Citi Operations counterparts.
This collaboration brings together Taskize’s structured workflow capabilities and Citi’s industry-leading proprietary custody network spanning over 60 markets to create a network effect between Citi, its counterparts and various market infrastructures to address operational workflow challenges.
“This partnership is based on a shared vision of secure inter-company workflows for query management and to move away from email chains between operational counterparts,” said Jeffrey King, Global Head of Custody Product Development at Citi. “By leveraging Taskize’s email management, flexible API integration and traceability on queries with fully auditable workflow, our custody clients will be able to gain greater insight into the status of their queries.”
Taskize’s user interface provides Citi’s custody clients with a direct means to contact their operational counterparts, replacing the traditional email mechanism, and provides real-time visibility on current query status and full audit trail capabilities. By creating an end-to-end operational workflow experience with counterparties, Citi custody clients can benefit from an accelerated and enhanced counterparty resolution experience.
“We are delighted to be partnering with Citi, empowering them to service their clients in a secure, efficient and transparent way,” said Philip Slavin, CEO and co-founder of Taskize. “This is another great example of Citi and Taskize embracing the industry’s drive to greater efficiency and control through best-of-breed partnering and inter-operability.”
This agreement further illustrates Citi’s commitment to delivering innovative solutions to clients while mitigating risk. The Taskize platform streamlines costly counterparty workflows across buy-sides, sell-sides, custodians, market infrastructures and Fintech providers, without risking data sovereignty. Citi’s custody clients will not only have access to the Taskize network, but also the ability to raise queries to all other institutions currently operating on the platform.
With approximately $30 trillion1 of assets under custody and administration and the industry-leading proprietary network spanning over 60 markets, Citi Securities Services provides clients with extensive on-the ground local market expertise, innovative post-trade technologies, customized data solutions and a wide range of custody and fund services that can be tailored to meet clients’ needs.
Citi has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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Taskize is trusted by over 360 financial firms in 53 countries making it the leading provider of structured inter-company workflow to the Financial Services Industry to improve operational efficiency across buy-sides, sell-sides, custodians, market infrastructures and Fintech providers. Founded by industry veterans, Taskize eliminates the inefficiency and insecurity of email, phone, and chat to provide everything needed to resolve back-office cross-party issues securely and efficiently. Taskize is cloud-native, with an open architecture leading to easy adoption and benefit realization. Taskize is owned by Euroclear, a leading global provider of Financial Market Infrastructure services. Follow @Taskize on LinkedIn or visit www.taskize.com.
1] As of Q3 2021.AUC/A figure separately represents gross assets for which Citi provides Global Custody and sub-custodian services via its Direct Custody and Clearing business and includes Issuer Services. Citi previously reported AUC/A numbers on a net basis, therefore discounting assets serviced by both businesses.