Citi enhances collateral management tool
Citi has added a Swift-based automated collateral position reconciliation feature to its collateral management solution, OpenCollateralSM.
The solution provides collateral managers with full information from the custodians on held balances every day, helping them make best use of fund assets as collateral and improving the efficiency of their operations. It also aims to create standardisation across funds and custodians and reduce the number of collateral accounts and instructions required.
Rajen Shah, global head of collateral management, Citi transaction services, says: "Now, with OpenCollateral, our clients can rely on us to manage collateral directly from their existing custody accounts. Receiving this data directly from the custodian avoids the need for asset managers to be involved in instructing every collateral movement.
"Our early-to-market solution provides better efficiency for investors by enabling them to concentrate all their unencumbered assets within their principal custody accounts. This new capability makes it even simpler for our clients to use our collateral management service across all their existing custody relationships."