Citi invests in Transcend for global roll-out of collateral tech

Transcend announced that Citi has made an investment via the strategic investments arm. The funding will support Transcend’s global roll-out of its solutions including optimization technology. Citi is the third global bank to invest in Transcend, founded in 2013, along with other institutional investors. Financial details were not disclosed.

The Transcend solution harmonizes and integrates activity across bi-lateral, cleared, and triparty collateral requirements and allows allocation of the best collateral. A long-term business agreement will enable Citi as a client to significantly enhance the efficiency of how it deploys cash and collateral across its global network.

“The industry-wide solutions that Transcend is developing have the promise to dramatically shift the efficiency and profitability of the entire industry and we’re glad to play our part in facilitating these advances,” said Alain Verdickt, head of collateral optimization at Citi, in a statement.

In the last two years, Transcend has seen significant growth across the global banking community. The company has added additional board members, expanded their European branch, and added a number of industry & technology experts to its global team.

Bimal Kadikar, founder and CEO of Transcend, said in a statement that “Citi’s funding will allow us to expand our solutions, which are already yielding tremendous savings for the industry.”

The use of collateral has moved beyond operations and is now being seen as a strategic enterprise-wide business opportunity. The streamlining of collateral and funding is already helping financial institutions save tens to hundreds of millions of dollars annually. Transcend continues to be at the forefront of these industry innovations with its cross-triparty collateralization and other solutions for institutional market participants.

Read the full release

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