Citigroup Inc. thinks of online banking research project

A system for electronic banking is planned to be developed by Citigroup Inc. at a new €35 million (US$55.5 million) research center in Dublin.

The Center of Technology Excellence, the new announced project is to be developed inside Dublin-based Citibank Europe PLC, which employs 2,200 in Ireland.

According to the Prime Minister, Brian Cowen, Citi's new e-banking development work in Dublin "will not just further embed the company in Ireland but could, in due course, result in a highly innovative operating model for the banking industry globally."

The basic goal of the project is to create Web-based products which will allow customers of Citi and partner banks to make a wide range of financial transactions easily within Citi accounts and with partner banks.