Citi has introduced Citi Virtual Accounts, which allows customers to split their funds into multiple parts under a single account.
Currently, the service is live in the Western Europe region encompassing 16 markets and 37 currencies. The service will also roll out in the US and Asia in the near future.
Citi Virtual Accounts’ features
The in-house solution leverages the strength of Citi’s on the ground presence. It will enable customers to individually view transaction activity, manage online banking entitlements as well as generate virtual account statements.
Citi global head of payments and receivables, treasury and trade solutions, Manish Kohli said: “Citi’s investment in proprietary virtual account technology exemplifies our commitment to providing clients with simple, global and digital solutions.
“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 rationalisation and automated reconciliation.”
The virtual account structures work for a single entity and also support the ‘On Behalf Of’ model of a bank.
The customers can integrate their Citi Virtual Accounts with Citi Payer ID Accounts to automate the reconciliation process.
Citi global head of liquidity management services, treasury and trade solutions, Mark Smith said: “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 centralised view of real-time cash positions, corporate treasuries can optimise liquidity management and make more informed funding decisions.”