Transcend secures Citi investment
16 November 2023 US
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Citi has become the newest investor for Transcend, a liquidity, funding and collateral optimisation solutions provider.
The investment — which was made through Citi’s Strategic Investments arm — aims to accelerate the global deployment of enterprise-wide inventory optimisation solutions.
As the third global bank to invest in the firm, Citi’s funding will continue to support Transcend's global roll-out of its solutions, including its optimisation technology.
The Transcend solution is designed to harmonise and integrate activity across bilateral, cleared and triparty collateral requirements, and allows allocation of the ‘best’ collateral.
The firm indicates that the use of collateral has moved beyond operations and “is now being seen as a strategic enterprise-wide business opportunity”.
A long-term business agreement between the firms will enable Citi to enhance the efficiency of how it deploys cash and collateral across its global network, adds Transcend.
Alain Verdickt, head of collateral optimisation at Citi, comments: “The industry-wide solutions that Transcend is developing have the promise to shift the efficiency and profitability of the industry and we are glad to play our part in facilitating these advances.”
Bimal Kadikar, founder and CEO of Transcend, adds: “Transcend is excited to welcome Citi as an investor and a client. Additionally, we are delighted that Citi's funding will allow us to expand our solutions, which are already yielding tremendous savings for the industry.”
The investment — which was made through Citi’s Strategic Investments arm — aims to accelerate the global deployment of enterprise-wide inventory optimisation solutions.
As the third global bank to invest in the firm, Citi’s funding will continue to support Transcend's global roll-out of its solutions, including its optimisation technology.
The Transcend solution is designed to harmonise and integrate activity across bilateral, cleared and triparty collateral requirements, and allows allocation of the ‘best’ collateral.
The firm indicates that the use of collateral has moved beyond operations and “is now being seen as a strategic enterprise-wide business opportunity”.
A long-term business agreement between the firms will enable Citi to enhance the efficiency of how it deploys cash and collateral across its global network, adds Transcend.
Alain Verdickt, head of collateral optimisation at Citi, comments: “The industry-wide solutions that Transcend is developing have the promise to shift the efficiency and profitability of the industry and we are glad to play our part in facilitating these advances.”
Bimal Kadikar, founder and CEO of Transcend, adds: “Transcend is excited to welcome Citi as an investor and a client. Additionally, we are delighted that Citi's funding will allow us to expand our solutions, which are already yielding tremendous savings for the industry.”
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