Citi Launches Custody+ with On-Demand FX

Citi Investor Services has launched Custody+, a suite of near-and real-time solutions to meet what the bank terms “always-on industry demand”.

Citi claims Custody+ represents “a strategic shift” from a standardised and traditional custody model to a modular ecosystem of solutions that can be adapted to clients’ workflows and operating models at scale. It includes real-time asset servicing, instant settlements, and on-demand FX. The bank says the latter offers transparency and direct market pricing with active and passive FX solutions, automated hedging and real-time execution, enabling clients to optimise liquidity and strategically manage FX as part of the settlement process.

The bank has also reiterated plans to move into digital assets, stating it expects to go live with digital asset custody later this year, starting with the custody of Bitcoin. This is being built on Citi’s common digital asset architecture and we will offer a one-stop service. Clients will access traditional and crypto custody capabilities within the same framework for an integrated experience, Citi adds.

“Custody+ is the product of a multi-year commitment to building infrastructure that matches the speed of our clients’ strategies,” says Amit Agarwal, head of custody at Citi Investor Services. “We have designed each solution to help clients simplify their operating models amid increasing complexities in the operating environment. Custody+ is our response to their evolving needs as the industry continues to transform, moving away from legacy to next-generation architecture.”