NEW YORK—Citibank has announced the launch of Citi Virtual Accounts, which it said allows clients to segregate their balances under a single physical account. The solution provides “enhanced visibility, control and efficiencies through centralized payments, receivables and liquidity management,” the bank said.
The in-house solution is live with clients in Western Europe and covers 16 markets and 37 currencies, with the U.S. and Asia to follow, MarketWatch reported.
“Citi’s investment in proprietary virtual account technology exemplifies our commitment to providing clients with simple, global and digital solutions,” said Manish Kohli, global head of payments and receivables, treasury and trade solutions, Citi. “Citi’s virtual account solution is a strategic enabler for corporate treasuries of both our traditional and digital clients, providing a platform for benefits such as bank account rationalization and automated reconciliation.”
“Citi’s virtual account solution is designed to be fully adaptable to our clients’ needs, allowing treasurers to tailor banking structures to their unique requirements. With a centralized view of real-time cash positions, corporate treasuries can optimize liquidity management and make more informed funding decisions,” added Mark Smith, global head of liquidity management services, treasury and trade solutions, Citi.
Citi’s solution allows clients to individually view transaction activity, manage online banking entitlements and generate virtual account statements, MarketWatch said.