Citi Group Bank made an announcement via Business Wire that as previously reported in October of 2018, it has launched a new cross-border platform, using RTP (real-time payments) 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. Article first read on Bitcoin Cryptocurrency List.
Citi previously reported they would be using RTP and real-time payments in October of 2018. Citi is also said to be a member of the R3 consortium.
We’re at #SIBOS this week discussing the journey from batch to real-time payments, which will enable clients to transact instantly and efficiently. Read more about the session here: https://t.co/8NOVq81zEP pic.twitter.com/MEzkGVlogO
— Citi (@Citi) October 23, 2018
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.
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