Citigroup (NYSE:C) has added to its collateral management product an option for automated collateral position reconciliation through Swift.
This change to OpenCollateral is said to provide standardization across funds and custodians, require fewer collateral accounts and reduce the number of collateral instructions needed, the New York company said Monday.
"Now, with OpenCollateral, our clients can rely on us to manage collateral directly from their existing custody accounts," Rajen Shah, global head of collateral management for Citi Transaction Services, said in a news release. "Receiving this data directly from the custodian avoids the need for asset managers to be involved in instructing every collateral movement."
Citigroup offers complete margin processing and collateral administration to help clients improve collateral efficiency, manage counterparty risk and streamline operations. It also offers a full suite of investor products through Citi OpenInvestor.
Swift, the Society for Worldwide Interbank Financial Telecommunication is a member-owned cooperative through which banking organizations and financial institutions exchange messages.