Innovative Deposit Solution offered via IntraFi Yankee Sweep

Building on its history of innovation in cash management, Citi’s Treasury and Trade Solutions today announced the launch of a new solution to allow institutional clients (Corporate, Public Sector, and Financial Institution) with U.S. accounts to sweep cash into demand deposit accounts at participating U.S. branches of non-U.S. banks. Offered via IntraFi Network’s Yankee Sweep service, Citi’s institutional clients now have additional flexibility to diversify their deposits across multiple institutions while enjoying an opportunity for enhanced yields.

For treasury organizations, key aspects of effective liquidity management include managing risk, counterparty exposure, daily liquidity, and optimizing yield. In order to achieve these objectives, organizations would need to manage cash across multiple banks and/or money market funds. With Citi’s new solution, institutional clients now have access to a more streamlined experience to help them diversify their counterparty risk and maximize yields with the additional safety and security provided by a deposit solution.

“Citi is pleased to be the first bank in the U.S. to launch this solution in partnership with IntraFi, one of the most innovative companies in the FinTech Liquidity Management space,” said Michael Berkowitz, North America Head of Liquidity Management at Citi’s Treasury and Trade Solutions. “The new capabilities will help our clients balance competing demands for returns, risk management, and daily liquidity while simplifying the process to diversify their counter-party exposure.”

Available to Citi’s institutional clients with U.S.-based accounts, the new solution provides several potential benefits, including:

• Competitive Yields: Participating clients are compensated with competitive yields relative to similar overnight products
• Diversification: Deposits are split amongst banks in the destination bank network, providing greater bank diversification
• Operational Efficiencies: Clients can place deposits with any of the destination banks in the bank network, simplifying the process to diversify their banking counterparties
• Daily Liquidity: Deposits are accessible for same-day liquidity until the redemption deadline, without being subject to redemption gates, fees, or floating net asset values
• Preservation of Capital: Though not FDIC-insured, funds are deposited with U.S.-chartered branches of foreign banks, subject to Federal Reserve Board oversight

“IntraFi is pleased to be working with Citi as the first provider of the Yankee Sweep solution,” said Mark Jacobsen, CEO and Cofounder of IntraFi Network. “The new solution will give Citi the opportunity to offer clients even greater utility when managing their liquidity.”

Citi’s solution is currently available with planned expansion and enhancements throughout 2022. “We are looking forward to building out our destination bank network to provide even more utility and choice for our clients,” added Berkowitz.

With strong experience in transaction services, Citi has helped and advised clients during high growth and challenging times. Citi offers one of the most comprehensive Liquidity Management networks in the industry, supporting over 30,000 regional and global liquidity structures for clients.

Citi’s Treasury and Trade Solutions helps enable clients' success by providing an integrated suite of innovative and tailored cash management and trade finance services to multinational corporations, financial institutions, and public sector organizations across the globe. Based on the foundation of the industry's largest proprietary network with banking licenses in over 90 countries and globally integrated technology platforms, Citi’s Treasury and Trade Solutions continues to lead the way in offering the industry's most comprehensive range of digitally enabled treasury, trade, and liquidity management solutions.

About Citi

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 http://www.citigroup.com | Twitter: @Citi | YouTube: http://www.youtube.com/citi | Blog: http://blog.citigroup.com/ | Facebook: http://www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi.

About IntraFi Network

Chosen by thousands of banks since its founding (as Promontory Interfinancial Network) nearly two decades ago, IntraFi Network has assembled the nation’s largest bank deposit network. Its solutions connect financial institutions of all sizes to help each build stronger relationships with its customers, fund more loans, and diversify funding. As the nation’s #1 provider of reciprocal deposit services and a leading provider of overnight and term funding options, IntraFi Network has the scale to be a strategic partner for even the largest bank’s funding and capital management needs, or for the smallest.

Additional information may be found at http://www.intrafi.com.

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