Citi has launched MobilePASS, an app-based soft token that enables corporate banking clients to use their own smartphones to generate dynamic passcodes to log into Citi's institutional e-banking platforms.
In Asia, MobilePASS is now available in Bangladesh, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand and Vietnam. It is scheduled to be launched in other Asia markets, including Australia, Hong Kong, New Zealand and Taiwan, later this year.
Traditionally, corporate users were required to carry a physical hardware token to generate login passcodes, which act as secure authentication to access their accounts and transactions on CitiDirect BE. With the new offering, a separate physical token is no longer necessary. MobilePASS aims to provide faster logins and strong security for a more convenient omni-channel institutional banking experience.
Existing or new CitiDirect BE users can download the app on their smartphone from the Apple App, Blackberry World, Google Play and Windows Stores. Users can also employ additional mobile device security features, such as PIN, Swipe and Fingerprint ID, to further secure MobilePASS on their smartphones.
"This solution is an important part of our continuous effort led by Citi Innovation Lab to bring best-in-class digitized experience to our clients. MobilePASS is easy to use and improves the login experience for users of all levels within the organization,” APAC head of channel and enterprise services Keng-Mun Lee said.
“In addition, it enhances the security of their login process, whilst complying with applicable local regulatory requirements."
CitiDirect BE, Citi's proprietary institutional e-banking platform, is available across 95 countries in 26 languages and transacts in 140 currencies. It provides a single, centralized point-of-access for corporate clients to a full range of global cash, trade, liquidity and investment services.
The platform supports 525,000 users with over 340 million transactions annually valued at more than $48 trillion.