NEW YORK—Citi Global Collect, a collaboration between Citi’s Treasury and Trade Solutions (TTS) and Foreign Exchange (FX) businesses, has been introduced to make it easier to collect funds from overseas payers and apply cash faster, the company stated.
“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,” Citi stated.
To address this challenge, Citi said it combined its local payment offerings, account structures and FX capabilities with a leading digital invoicing platform from HighRadius Corp., a Citi Ventures portfolio company. This 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, Citi said.
‘Must Scale Quickly’
“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 with Citi.
Citi Global Collect leverages the bank’s international footprint, alongside its FX and payments capabilities, to create a frictionless payment experience for both billers and payers, Citi said.
“With the rollout 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 with Citi, in a statement.