Citi Investor Services has introduced Single Event Processing (SEP), a new technology designed to unify its global and direct custody infrastructure and enable real-time processing of asset servicing transactions across its extensive network of over 100 markets.
Citi Investor Services, responsible for the bank’s post-trade platform, anticipates that the majority of its custody flows will utilize SEP by 2026. This technology integrates Citi’s global and direct custody networks, processing each asset servicing transaction in real-time through a unified flow. The system consolidates Citi’s custody capabilities, encompassing over 100 markets and its proprietary direct custody network in more than 63 markets, into a single client platform.
Chris Cox, Head of Investor Services at Citi, stated, “We are redefining the future of custody in a manner that is distinct to Citi as we augment the delivery of our leading global network to bring new and unique benefits to clients. Across our broader Services platform, we can now deliver real-time cash, liquidity and asset servicing and that is an extremely powerful client proposition. The launch of Single Event Processing marks a significant milestone for us in our journey to be the leading custody provider globally.”
The transition to real-time asset servicing addresses traditional challenges within the sector, often characterized by manual and fragmented processes. This advancement allows clients to make more timely and informed decisions through increased efficiencies and reduced delays. Clients benefit from faster access to funds and enhanced accuracy, as SEP aims to eliminate duplication, handoffs, and reconciliation delays.
Amit Agarwal, Head of Custody, Citi Investor Services, commented, “The future of post-trade is instant. The launch of Single Event Processing and real-time asset servicing is a critical component of how we are transforming our services for the future. We are making investments to transform our infrastructure, modernize our applications and simplify our processes for a best-in-class client experience as markets continue to evolve and new asset types come to the fore.”
Since its implementation, SEP has reduced event creation time from hours to minutes, and payments are now processed in under five minutes, enabling clients to operate closer to local market times. The technology also facilitates tighter instruction deadlines, including same-day cut-offs. Following an initial rollout in select European markets and with International Central Securities Depositories (ICSDs), SEP is now scaling globally, with its current deployment in North America and planned expansion across the remainder of Citi’s custody network by 2026.
