Citi Helps Clients Collect Cross-Border B2B Payments with a New Platform, Citi® Global Collect
21 November 2019 - 1:00AM
Business Wire
Citi has launched a new cross-border platform to help its
multinational clients manage the complexities in collecting cross
border business-to-business payments, by digitizing the transaction
process and embedding FX capabilities. Citi® Global Collect, a
collaboration between Citi’s Treasury and Trade Solutions (TTS) and
Foreign Exchange (FX) businesses, will help multinational clients
continue to extend their global reach, making it easier to collect
funds from overseas payers and apply cash faster.
In today’s environment, institutions deal with multiple service
providers to collect their payments by presenting invoices,
collecting funds cross-border and reconciling payments – creating
an inefficient and disjointed experience. Additionally, current
collection processes are primarily manual and paper-based, creating
more operational inefficiency.
To address this challenge, Citi combined its local payment
offerings, account structures and FX capabilities with a leading
digital invoicing platform from HighRadius Corporation, a Citi
Ventures portfolio company. This fully integrated platform connects
Citi’s clients to their international payers across key markets in
all regions. By automating the entire workflow – including
international billing, automated payment, currency selection and
reconciliation – multinational clients achieve greater visibility
and control over cross-border receipts and their global cash
position.
“In today’s digital economy, clients must scale quickly into new
markets to remain competitive. At Citi, we are arming our clients
with the technology to enable expansion and sustain growth by
automating key aspects of their core operations and improving the
end-to-end user experience,” said Manish Kohli, Global Head,
Payments and Receivables, Citi.
Citi Global Collect leverages the bank’s international
footprint, alongside its best-in-class FX and payments
capabilities, to create a frictionless payment experience for both
billers and payers. By embedding FX into the invoicing process,
institutional clients have access to multi-currency pricing and can
price goods and services in the preferred currency of their
international payers, while still receiving the full amount in
their functional currency with guaranteed rates.
“With the roll out of Citi Global Collect, Citi continues to
prove that we are able to leverage our greatest assets to create
competitive technology solutions that meet our clients’
international business needs and allow them to manage associated
currency risks,” said Flavio Figueiredo, Global Head, Rates and
Currencies Corporate Sales, Citi.
Citi Global Collect leverages emerging technologies, strategic
Fintech partnerships, and the strength of Citi’s global network.
“We are excited to extend our partnership with Citi by contributing
to a new solution that combines our cutting edge technology with
Citi’s industry-leading assets” said Sashi Narahari, Founder and
CEO of HighRadius.
Citi Global Collect is one of the new solutions being added to
Citi’s continuously-expanding product suite, including Citi Payment
Insights, Citi Virtual Accounts, Citi Smart Match and Citi Payment
Outlier Detection, demonstrating how innovation is central to
Citi’s mission. As clients continue to face new challenges and
grow, Citi is keenly focused on creating new solutions that best
serve them.
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
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version on businesswire.com: https://www.businesswire.com/news/home/20191120005112/en/
Media: Scott Helfman +1 212-816-9241|
Scott.Helfman@citi.com
Nina Das +1 212-816-9267 Nina.Das@citi.com
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