- Citi’s Global Collect service will help speed up the cross border payments process, and will focus on other areas such as digital invoicing
- A focus on automating complex processes will be at the heart of the new offer, which will be delivered alongside a partner called HighRadius
- “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”, says CEO of partner organisation
Well-known banking name Citi has announced that it will open up an international money transfer platform for its business to business customers.
Citi Global Collect, as it will be known, will be a partnership between two of Citi’s internal businesses (the Treasury and Trade Solutions (TTS) business and the Foreign Exchange (FX) business).
It intends to speed up the processes involved in receiving cash from abroad – and to make the fund collection process easier too.
The bank plans to bring together several of its existing product streams, such as its local payment outlets and its foreign exchange offer.
It will work alongside a digital invoicing service from a firm called HighRadius, which is a firm in the Citi Ventures portfolio.
Ultimately, the goal is to ensure that the whole cross border payments process can be automated for customers, and that everything from issuing a bill to choosing a currency can be done with ease.
In a statement, Manish Kohli – who is the global head for payments and receivables at Citi – said that the way the modern economy works means that moves like this are becoming increasingly important.
“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”, he said.
Flavio Figueiredo – who is global head, rates and currencies corporate sales at Citi – said that “competitive technology solutions” like these were important.
“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”, he said.
Citi is a well-recognised international name, and it has more than 200m customer accounts under its control.
It operates in over 160 nations around the world.
For HighRadius, Sashi Narahari – who is the firm’s founder and CEO – said that the firm was “excited” about the new partnership with such a prestigious global brand.
“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”, he said.
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