Philippe Gelis, Kantox’s CEO

UK-based FX Management and payment solutions provider, Kantox has been selected by Citi’s Commercial Bank in a bid to facilitate the provision of enhanced customer experience for the bank’s foreign exchange clients in the US. The partnership will enable Kantox to connect directly to Citi’s foreign currency payments platform through a personalized solution.

“As our clients’ treasury needs continue to rapidly evolve, Citi is always looking to develop client-focused solutions that are thoughtful and forward-thinking to deliver on what clients crave in their day-to-day operations,” said Citi’s Head of U.S. Commercial FX & Derivative Sales, Kyle Falconi. “We look forward to offering our clients a seamless, technology-based FX and payments solution with the support of the Kantox team.”

According to the supplier, the software is expected to provide treasury automation for local and cross-border payments in multiple currencies for corporate and commercial bank clients. The partnership will see Citi and Kantox extend the FX automation services to Citi’s corporate and commercial bank customers.

Kantox’s CEO, Philippe Gelis, added, “Citi is tech-minded and we see this partnership as further confirmation of a global trend of cooperation between banks and fintechs. Kantox is pleased to provide Citi with solutions that help to automate, ease IT burden and remove friction from the client experience. We look forward to working together.”

Established in 2011 in London, Kantox is a FinTech company that aims to assist organizations in solving issues related to foreign exchange. It enables businesses to capture FX exposure data and automate hedging execution, payment processing and simplify hedge accounting.

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by Megha Bhattacharya
Market Analyst at IBS Intelligence
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