Citi (C) Partners With Traydstream to Automate Document Services
Citigroup Inc. C will team up with Traydstream, a preeminent provider of innovative trade documentation solutions, to offer automated trade-document processing capabilities to clients.
Traydstream offers cloud-based automated document-checking solutions to speed up time-consuming trade procedures like letters of credit and collections. Hence, with the collaboration, Citi’s clients can use a wide variety of pre-loaded document types and an innovative rules engine to automate the processing steps.
Businesses engaged in cross-border trade need timely and efficient management of documentation. To cater to this need, Citi and Traydstream will streamline the process of reviewing and examining documentation in line with the documentary credit terms.
This will help clients mitigate manual process risks, and reduce operational load and cost.
“Citi’s collaboration with Traydstream underscores our commitment to providing clients with the most advanced tools and technologies to facilitate trade. The reliance on paper in the Trade industry needs to reduce and we see the next few years to be transformative for the business as we make our industry more environmentally friendly,” noted Valeria Sica, Global Trade Data, Partnerships and Innovation Head at Citi.
Sameer Sehgal, CEO at Traydstream, remarked, “We are excited to work with Citi. The Traydstream platform combines cutting edge machine learning capabilities with a distinct rule engine, that constantly learns and evolves, as well as an innovative trade compliance checking solution set. The platform is cloud-based, and deploys security features, while being both vertically and horizontally scalable.”
C shares have gained 5.3% in the past three months compared with the industry’s rise of 2.7%.
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The company currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Business Expansion Moves by Other Companies
LCNB Corp. LCNB, the holding company for LCNB National Bank, signed a definitive agreement to acquire Eagle Financial Bancorp, Inc. (”EFBI”) in a stock-and-cash transaction. The closing of the deal, subject to the approval of EFBI shareholders and regulators, and other customary conditions, is expected in the second quarter of 2024. The approval of LCNB shareholders is not required.
Per the terms of the agreement, approved by LCNB and EFBI board of directors, EFBI shareholders can choose to receive either 1.1401 shares of the LCNB stock or $19.10 per share in cash for each share of the EFBI common stock owned, subject to at least 60% but not more than 70% of EFBI shares being exchanged for an LCNB common stock.
First Busey Corporation BUSE, the holding company for Busey Bank, announced the signing of a definitive agreement to acquire Merchants and Manufacturers Bank Corporation (”M&M”), wherein M&M Bank will merge with and into Busey Bank. The closing of the deal, subject to the approval of M&M’s shareholders, customary closing conditions and regulatory approvals, is expected in the second quarter of 2024.
This transaction will strengthen First Busey’s growing presence in the Chicago suburban markets by expanding its deposit market share in DuPage and Will counties. This will also fortify its commercial banking and wealth management businesses.
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