No-Headquarters/Bozeman, Mont. and New York Snowflake (NYSE: SNOW), the Data Cloud company, and Citi (NYSE: C) today announced a strategic initiative to re-imagine how data flows across financial services transactions to provide a frictionless solution for post-trade processes across the industry. Snowflake’s Financial Services Data Cloud helps organizations like Citi accelerate their top-line growth and drive innovation while mitigating risk.
The partnership brings together Snowflake’s powerful secure data sharing and multi-party permissioning capabilities and Citi’s extensive market expertise with the industry-leading proprietary custody network spanning over 60 markets and its top global markets franchise, in Snowflake’s Data Cloud provider-agnostic cloud environment. This collaboration will offer a unique solution to control data models and how end-to-end transaction data flows across a business to meet the diverse requirements of global clients.
Additionally, banking, insurance, fintech, and investment management customers, amongst others in the financial services industry, can use Snowflake’s Financial Services Data Cloud to securely share and access data to help launch new customer-centric products and services, build fintech platforms of the future, and satisfy regulatory compliance requirements.
“This strategic partnership with Citi will address some of the most prevalent data challenges faced by today’s financial services organizations in order for them to drive innovation for their customers and grow their business,” said Matt Glickman, VP and Global Head of Financial Services Industry at Snowflake. “Snowflake’s Financial Services Data Cloud can redefine data experiences for the financial services industry, so data is more connected and flows more seamlessly across industry transactions than previously possible.”
“Clearly, if we were to start afresh, we would not design market transaction data workflows in the way they function today. In partnership with Snowflake, we are striving to provide solutions to the challenge of multiple records across multiple systems and the associated costs and data reconciliation consequences that hinder our clients and the industry today,” said Okan Pekin, Global Head of Citi Securities Services.
“Citi has a proven track record in innovating and reimagining industry processes in partnership with its Innovation Lab network and D10X programs. We solved an industry problem around proxy voting and shared this with the industry via Proxymity,” said Chris Cox, Global Head of Data and Digitization for Citi Securities Services. “The vision for this initiative is to provide a similar outcome and deliver the next generation of securities services to our clients and their counterparts. Integrating Snowflake with Citi’s VelocitySM Clarity data platform can help to deliver faster, more complete client data—adding the Snowflake channel option to existing real-time APIs and visualizations—plus opening the door to some other interesting possibilities.”
With over $30 trillion1 of assets under custody and administration and the industry-leading proprietary network spanning over 60 markets, Citi Securities Services provides clients with extensive on-the ground local market expertise, innovative post-trade technologies, customized data solutions, and a wide range of custody and fund services that can be tailored to meet clients’ needs. Learn more.
1 As of Q2 2021.AUC/A figure separately represents gross assets for which Citi provides Global Custody and sub-custodian services via its Direct Custody and Clearing business and includes Issuer Services. Citi previously reported AUC/A numbers on a net basis, therefore discounting assets serviced by both businesses.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi.
Snowflake enables every organization to mobilize their data with Snowflake’s Data Cloud. Customers use the Data Cloud to unite siloed data, discover and securely share data, and execute diverse analytic workloads. Wherever data or users live, Snowflake delivers a single data experience that spans multiple clouds and geographies. Thousands of customers across many industries, including 212 of the 2021 Fortune 500 as of July 31, 2021, use Snowflake Data Cloud to power their businesses. Learn more at snowflake.com.
Sr. PR Manager, Snowflake
Nina Das, Citi