Citi Treasury and Trade Solutions (TTS) and Pismo, a banking and payments software company, have announced a collaborative partnership, according to the Citi website.
Under the agreement, Citi will leverage Pismo's technology platform to enhance its corporate demand deposit accounts (DDA) offered to clients globally. This strategic relationship aims to strengthen Citi's DDA capabilities and deliver improved services to their corporate clients.
"Pismo was selected based on its core expertise and knowledge in cloud-based banking and payments capabilities," Stephen Randall, the Global Head of Liquidity Management Services at Citi Treasury and Trade Solutions, told Citi's website. "We look forward to working together and exploring different ways in which our relationship can drive Citi’s work to help deliver clients’ global ambitions.”
Ricardo Josuá, Pismo CEO and cofounder, said, “We are deeply honored to serve Citi as a key part of its journey. This relationship will help establish Pismo as one of the leading players in the cloud-native core banking space. Citi’s selection of Pismo is a resounding endorsement of our decision to stay true to our cloud-native architectural roots and our decision to start expanding internationally in 2021.”
Initially, Citi will deploy Pismo’s cloud-based core solutions in the U.S. market.
Pismo, founded in 2016, is a technology company based in San Paulo, Brazil. Its customers include large banks, marketplaces and fintech companies.
In the partnership with Citi, Pismo will bring Citi customers "a nimble and scalable microservice-based ecosystem free of market-specific hard-coded applications, allowing for faster delivery of enhancements, easier integration across products and a globally consistent experience," according to Citi's website.
Citi is based in the U.S. but has business in nearly 160 countries and jurisdictions. Its financial products and services are used by corporations, governments, investors, institutions and individuals.