BofA, Citi Among Banks Putting $20 Million in Genesis IT Product

Wall Street is backing a firm that promises to ease the pain of building information-technology software in-house.

Bank of America Corp., Bank of New York Mellon Corp. and Citigroup Inc. invested a total of $20 million in Genesis Global, which offers IT building tools that it says can lower costs and minimize coding.

Companies can use Genesis’s platform to automate spreadsheets, build new applications or replace and improve their existing systems, Genesis Chief Executive Officer Stephen Murphy said in an interview. The Miami-based firm estimates it reduces the time and effort normally spent on coding by 80% …