Citi announced it has reached a strategic agreement with Taskize Ltd., in which the company’s clients can enjoy the advantages of Taskize’s query management platform.
In a recent news release, the companies announced that the agreement will pair Citi’s custody network spanning 60 markets with Taskize’s structured workflow capabilities. This will result in a network effect between the company, its counterparts and a number of market infrastructures in an effort to handle challenges such as operational workflow.
“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," Jeffrey King, global head of Custody Product Development at Citi, said in the news release. “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.”
According to the news release, the Taskize user interface will give Citi’s custody clients direct access to operational counterparts. It also will provide up-to-the-minute visibility of current query status and will allow users to conduct a full audit trail.
Citi oversees about $30 trillion worth of assets under custody and administration, the release said. The agreement will enable its custody clients to generate queries to all other institutions utilizing the platform.
According to the news release, Citi has about 200 million customer accounts and operates in more than 160 countries, offering a menu of financial products and services that includes consumer banking and credit as well as transaction services and a host of other financial planning offerings.
Taskize platform streamlines workflows without risking data integrity. According to the release, Taskize works with more than 360 financial firms in 53 countries, offering what it described as “structured inter-company workflow” to the industry.