Snowflake and Citi Securities Services Re-Imagine Data Flows Across Financial Services Transactions

Rhea-AI Summary

Snowflake (NYSE: SNOW) and Citi (NYSE: C) have launched a strategic initiative to enhance data management in financial services. This collaboration will leverage Snowflake's Data Cloud to streamline post-trade processes, enabling organizations to mitigate risks and drive innovation. The partnership combines Snowflake's secure data sharing capabilities with Citi's extensive market expertise, providing unique solutions for data models and client needs across the industry. This initiative aims to redefine the data experience for financial services, improving transaction workflows significantly.

Positive

• Strategic partnership with Citi to enhance data management in financial services.
• Snowflake's Financial Services Data Cloud will streamline post-trade processes, improving efficiency.
• Partnership combines secure data sharing with extensive market expertise.
• Intended to address prevalent data challenges faced by financial institutions.

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• None.

No-Headquarters/BOZEMAN, Mont. & NEW YORK--(BUSINESS WIRE)-- 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 utilize 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 Velocity^SM 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."

Learn More:

• Access on-demand sessions from Snowflake Financial Services Data Summit and hear about the latest innovations in the Data Cloud from leading experts in financial services.
• Read Snowflake’s Financial Services Data Cloud solution brief.
• Stay on top of the latest news and announcements from Snowflake on LinkedIn and Twitter.

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.

About Snowflake
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.

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.

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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.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20210922005310/en/

Media Contacts

Danica Stanczak

Sr. PR Manager, Snowflake

press@snowflake.com



Nina Das

Citi Media Contact

nina.das@citi.com

Source: Snowflake Inc.

FAQ

What is the significance of the Snowflake and Citi partnership announced recently?

The partnership aims to enhance data management in financial services, improving post-trade processes and innovation.

How will Snowflake's Financial Services Data Cloud benefit financial organizations?

It will streamline data workflows, mitigate risks, and help launch customer-centric products.

What industry challenges does the Snowflake and Citi initiative address?

It targets data management issues in financial services, particularly multiple records across systems.

When was the strategic partnership between Snowflake and Citi announced?

The partnership was announced on September 22, 2021.

What is the stock symbol for Snowflake?

The stock symbol for Snowflake is SNOW.