Citi Launches Citi®Managed Identity Services

Citi announces the launch of its high–assurance digital identity solution "” Citi® Managed Identity Services. This new offering from Citi´s Global Transaction Services business enables Citi clients to use digital identity and signature technologies to effectively and securely manage the exchange of electronic information in digital commerce and business critical transactions.

The expansion of electronic commerce and globalization of supply chains is driving companies to streamline their business processes and move to a sustainable, industrial–strength, paperless environment without compromising security, confidentiality, compliance, and integrity of transactions. Citi´s Managed Identity Services provides clients the requisite security and assurance framework to confidently transact business. As part of the solution, Citi issues digital identities that can be used in a number of ways including authenticating end users to applications, encrypting and locking down data, and replacing "wet ink" with digital signatures, without compromising legal enforceability.

In 2007, Citi conducted a "˜soft launch´ of the business to gather market feedback and to conduct pilots and proofs–of–concept around the use of high assurance digital identity in business–to–business interactions. As a result, Citi is launching a number of new capabilities in 2008 including high–assurance authentication and authorization capabilities, which provide firms fine–grain visibility and control over the end–to–end payment transaction process.

Secure Authorization for End–to–End File Processing

The importance of fully traceable audit trails and fraud prevention has clients enhancing the controls associated with the end–to–end payment processes in both centralized and decentralized treasury environments. Clients are mandating better visibility and control between payment origination and final approval by Treasury. Citi´s Secure Authorization solution provides robust controls and audit trails for an end–to–end payment system starting at the enterprise level and funneling to Citi´s backend for payment processing, providing clients with greater transparency into workflow and associated risks.

"Our product vision is addressing the critical business problems faced by our clients today," says Paul Galant, CEO of Global Transaction Services at Citi. "Coupling the strength and value of our higher identity assurance processes backed by bank–grade service reliability with value–added services, allows us to provide complete solutions that create greater efficiencies for our clients."

Automating the Bank Account Management Process

In today´s global business environment, clients are often dealing with hundreds of bank accounts across the globe. Working with our clients, Citi is building a solution using high–assurance digital credentials to significantly streamline and automate the overall process. As part of this process, Citi has been an advocate and active member of a SWIFT working group focused on creating and adapting standards around automating the bank account management process.

Electronic Bank Account Management, expected to be released later this year, will enable clients to reduce the paper and duplication associated with account related events such as incremental account openings, signatory management, and account maintenance across multiple legal entities and/or accounts. Authorized persons will be able to electronically initiate new account requests, establish signer authorizations and issue other account maintenance instructions via documentation that is digitally signed and transmitted to the bank via one transmission. The improved electronic workflow will enhance clients´ ability to more effectively and efficiently manage accounts globally in an online straight–through manner.

Working with the Industry to Promote Widespread Adoption

Citi is working closely with leading industry providers including IdenTrust, the bank–sponsored digital identity organization, of which Citi was a founding member, and SAFE–BioPharma, which manages and promotes identity management standards for the bio–pharmaceutical industry. Citi is one of the key IdenTrust issuers as well as the first bank to become certified on the SAFE–BioPharma Certificate Bridge Authority. Citi also recently became a member of the Liberty Alliance, the global identity consortium working to build standards for operating in a more trusted Internet for consumers, government and businesses worldwide.

"Banks are uniquely qualified to offer high assurance identity management services to corporate clients," said Susan Feinberg, Research Director for Wholesale Banking at TowerGroup. "Marrying the traditional business of authenticating and standing behind customers with advanced solutions provided by key technology partners is the best way to assure that the banking industry is positioned to meet the emerging needs of its clients to conduct secure B2B ecommerce on a global basis. "

Since its inception, Citi Managed Identity Services has garnered a number of industry awards for its innovative approach to identity management including a FutureNow Innovation Award from Bank Technology News, a Banker Technology Award for Secure Authorization Services from The Banker, as well as being named a Model Bank by Celent, the international strategy consultancy, for our ground–breaking work in the use of digital identities in the banking industry.

For more information on Citi Managed Identity Services, visit www.identitymanagement.transactionservices.citigroup.com

Global Transaction Services, a division of Citi´s Institutional Clients Group offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network spanning over 100 countries, Citi´s Global Transaction Services supports over 65,000 clients. As of the 1st quarter of 08, it held on average $283 billion in liability balances and nearly $13 trillion in assets under custody.

Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing 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, and wealth management. Citi´s major brand names include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Nikko. Additional information may be found at www.citigroup.com or www.citi.com.