Citi Bank has introduced a new cross-border business-to-business (B2B) payments platform, Citi Global Collect, for its multinational clients.
The platform is part of an alliance between the bank’s Treasury and Trade Solutions (TTS) and Foreign Exchange (FX) businesses.
Designed to digitise the transaction process, the platform comes with FX capabilities, which offer access to multi-currency pricing.
Citi’s clients will be able to easily collect funds from international payers and apply cash quickly.
The existing manual and paper-based payment collection processes are said to be operationally inefficient.
Also, these processes are linked to various service providers to collect payments by providing invoices, collecting cross-border funds and reconciling payments.
To address this, Citi Global Collect integrates local payment solutions, account structures and FX capabilities with HighRadius digital invoicing platform.
It is claimed to automate the complete workflow, including overseas billing, automated payment, currency selection and reconciliation.
The platform connects Citi’s clients to international payers across major markets. In addition, it offers improved visibility and control over cross-border receipts and cash position globally.
Citi global head of payments and receivables Manish Kohli said: “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.”
An institutional cross-border payments solution, WorldLink features payment capabilities in more than 145 currencies across 195 countries.