Citi Launches Citi Payment Exchange
Unique, Customized Portal Drives Transaction Efficiencies with Supplier Payments
In Conjunction with the Powerful Citi® Working Capital Analytics Tool, Provides Superior Visibility and Insight for Better Decision Making
NEW YORK--(BUSINESS WIRE)-- Citi has launched Citi® Payment Exchange, an integrated and highly flexible payment processing solution. Unlike other offerings on the market today, clients can utilize the customized Citi Payment Exchange portal to implement the working capital strategies identified by the Citi® Working Capital Analytics tool. The Citi Working Capital Analytics tool, only available to Citi clients, provides recommendations on payment methods and a strategic approach to managing financial supply chains. Together, these tools drive transaction efficiencies with supplier payments, while providing superior visibility and insight for better decision making.
"We are seeing an increased focus from clients who want to move away from traditional methods of invoicing, payment and financing. Clients want to increase efficiency and get better visibility and insight into payments costs," said Julie Monaco, North America Region Head and Global Head of Banks, Public Sector and Marketing at Citi Transaction Services. "Citi Payment Exchange meets that need by helping clients electronify their organization's end-to-end payments processes, reduce cost, and enhance customer and supplier relationships."
By combining the strength of Citi Working Capital Analytics and the powerful engine of Citi Payment Exchange, Citi differentiates itself by offering a secure and customized payment portal that allows organizations to offer more options to payees. Payers can select from value-added services, such as full-service payee enrollment support or the ability to make payments via multiple instruments using a single file process to achieve a precise mix of payment methods that best balances payables costs with payee terms. Payees can reduce the number of portals they interact with, and gain the ability to self-service their remittance processes and status inquiries.
"The Citi Payment Exchange solution stands out because it allows organizations to leverage the power of the next generation of corporate payments," added Andrew Gelb, Head of Treasury and Trade Solutions in North America, Citi Transaction Services. "Citi Payment Exchange has been designed to address payees' needs in addition to those of the payer organizations."
Available to clients in the United States, Citi Payment Exchange delivers payment efficiency without requiring any process or system changes for the payer or payee. This unique tool addresses long-standing pain points such as payee enrollment and data maintenance by taking an analytical approach to payee segmentation, targeting and subsequent enrollment. By combining multiple payment channels into a single platform, the solution centralizes an organization's payments processes, creating greater efficiency and visibility into the cost of payments. As a result, organizations benefit by maximizing the cost savings that are made possible through electronic conversion.
Using one of the industry's leading payment analytics platform, Citi segments the organization's payee base and then develops an outreach strategy to identify and prioritize viable payees. Designed with both the payers and payees in mind, Citi Payment Exchange can help manage the time-consuming task of marketing to and enrolling an organization's vendors. Custom-designed marketing materials facilitate enhanced payee targeting, which results in faster conversion. By treating payees as valued players in the supply chain, protecting their data and offering them a choice in how they receive remittance, the Citi solution helps facilitate collaborative commerce.
Available at no cost to payees, the Citi Payment Exchange solution allows them to be paid faster, spend less time chasing payments and provides access to full reconciliation data.
Citi Transaction Services, a division of Citi's Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 95 countries, Citi's Transaction Services supports over 65,000 clients. As of the third quarter of 2012, it held on average $415 billion in liability balances and $12.8 trillion in assets under custody.
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 www.citigroup.com Twitter: @Citi YouTube: www.youtube.com/citi Blog: http://new.citi.com Facebook: www.facebook.com/citi LinkedIn: www.linkedin.com/company/citi
KEYWORDS: United States North America New York
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