Citi invests in low-code app platform Genesis

By Robin Amlot

Genesis Global Technology has received a strategic investment from Citi via its Markets FinTech Investments and SPRINT groups to leverage Genesis’ Low-Code Application Platform (LCAP) to drive its innovation priorities. The amount and terms of the investment are undisclosed.

Unlike generalist low-code providers that cater to straightforward business processes, the Genesis LCAP is tailored for the specific requirements of the financial markets. While capable of delivering Business Process Management (BPM) improvements, Genesis LCAP extends to address the specific and often highly complex financial markets use cases demanding resilient, scalable and performant solutions integrated with cloud technology.

Genesis designs and delivers a suite of solutions using the Genesis LCAP across financial institutions’ business lines. These range from tackling direct automation use cases, such as End User Computing (EUC) replacement and client servicing portals, to addressing complex opportunities including automating end-to-end electronic trading workflows and mobile framework applications.

Nikhil Joshi, Managing Director, Global Head of Spread Products Technology and Head of Markets Technology for NAM at Citi said: “The Low-code application development paradigm has increasingly gained momentum in the financial industry and has the potential to change the way the industry develops applications in the future. Genesis complements our mainstream application development methodologies and integrates with them quite well. We are very much looking forward to partnering with Genesis to accelerate Citi’s digitization journey.”

Stephen Murphy, CEO of Genesis, said: “Our low-code application platform is essentially democratizing product design. We are delighted that Citi has chosen to partner with Genesis and  believe this strategic relationship puts us in a very strong position to not only grow, but also lead a critical effort to deliver low-code application development across the financial markets. Clients can create custom built products and solutions without having to write substantial lines of code and solutions can be developed on average 80% faster than building from scratch.”