Tomorrow’s world of e-banking is hot in the Citi

18 Jul 2008

Financial services giant Citi is investing €35m in a next-generation e-banking platform which it expects will be shared by other banks around the world when it’s scheduled to come to market in four years’ time.

The investment, supported by IDA Ireland, will establish a centre of technology excellence and lead to the creation of 30 high-calibre positions, such as project managers, technology architects, business analysts and software/hardware engineers.

Based at its Dublin operation for research, development and innovation (RD&I) set up in 2005, the project is part of a wider corporate investment by the company of more than €100m.

Citi is in discussion with hardware and software providers to achieve its ambitious goal of transforming the existing e-banking model into one with market-leading features and functionality emphasising security, intelligence, knowledge and collaboration. For example, it will explore a new form of digital identity with the potential to eliminate the need for paper-based signatures, according to a spokeswoman.

“At the heart of this latest investment is our commitment to meet the increasing demands from customers for services supported by new technologies and access channels,” said Franceso Vanni d’Archirafi, global head of treasury trade solutions and chairman, Citibank Europe.

Citi celebrated 40 years in Ireland in 2005 and today employs some 2,200 people across its Irish operations.

Speaking from the company’s headquarters in New York today, Taoiseach Brian Cowen TD, said: “Citi has been a pioneer of our financial services industry and has made an outstanding contribution to the economy over the years. It is all the more pleasing that Ireland today can provide a platform for its most sophisticated and high-level activities such as RD&I in e-banking, which will not just further embed the company in Ireland but could, in due course, result in a highly innovative operating model for the banking industry globally.”

By Sorcha Corcoran

Pictured: Robert Rubin, director and chairman of the Executive Committee, Citi and An Taoiseach, Brian Cowen TD