Stephen Murphy, CEO at Genesis, a leading Low Code Application Platform (LCAP) and solution provider for the financial markets, has confirmed that his company has received a “strategic” investment from Citi (NYSE:C). The capital will be used to accelerate the growth of the company’s operations including its low code platform.
Murphy stated:
“Our platform was built from the ground up to be able to support the most complex event use cases through to simple workflow use cases within our industry. We also partner with our clients to build new industry applications on top of the Genesis Low Code Platform.”
As mentioned in a release, financial service providers are increasingly being driven or required to fully digitize manual, repetitive workflows. The COVID-19 outbreak has accelerated the shift towards all-digital platforms including the adoption of efficient remote working solutions. The Fintech sector has also helped with introducing various cloud-powered solutions that allow companies to streamline their operations.
The Genesis team claims:
“Unlike generalist low-code providers that cater to straightforward business processes, Genesis LCAP is the only low-code platform tailored for the specific requirements of the financial markets.”
The Genesis LCAP can help companies adopt Business Process Management (BPM) improvement solutions. It’s also capable of addressing complex financial markets use cases that require “highly resilient, scalable and performant” solutions integrated with cloud technology.
Nikhil Joshi, MD, Global Head of Spread Products Technology and Head of Markets Technology for NAM at Citi, remarked:
“The Low-code application development paradigm has increasingly gained momentum in the financial industry and has the potential to change the way the industry develops applications in the future. Genesis complements our mainstream application development methodologies, and integrates with them quite well. We are very much looking forward to partnering with Genesis to accelerate Citi’s digitization journey.”