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ROUNDUP: EBA; Citi; Deutsche Bank; Citi; Cashforce

Latest bits and bobs include:

EBA CLEARING kicks off task force to work on a pan-European Request to Pay solution

  • The task force will be working on a blueprint setting forth suitable solution(s)
  • Request to Pay solutions increase the ease of use and transparency in payments, for both payers and payees

EBA CLEARING announced today the kick-off of a Request to Pay Task Force to support the development of a pan-European Request to Pay (R2P) solution. The first objective of this task force is to work on a blueprint, which shall serve as a planning framework for the implementation of an R2P solution. The blueprint is expected to be delivered in the first half of 2019.

(For list of FIs involved and more: see)

Citi launches multi-currency notional pooling capabilities in the Netherlands

Citi has existing Multi-Currency Notional Pooling capabilities in London for its multi-national clients. By setting up capabilities in Amsterdam, Citi is now giving its clients choice and flexibility to enable them to better manage their working capital and liquidity according to their treasury models and needs.

 Notional Pooling in Amsterdam allows Citi’s clients to minimize bank interest costs by notionally concentrating end of day balances across multiple accounts held with Citibank Europe plc, Netherlands Branch, into a single net amount. Citi’s clients will be able to achieve substantial liquidity, financial and operational benefits by automating the funding process, reducing bank interest costs and more efficiently using cash in their network.

 The Amsterdam offering will support major global and European currencies and is built on Citi’s strategic Global Notional Pooling platform that will continue to be invested in and enhanced.

 The solution can be utilized together with recently launched Citi® Virtual Accounts, which allows clients to segregate their balances under a single physical account, providing enhanced visibility, control and efficiencies through centralized payments, receivables and liquidity management.

Deutsche Bank transforms their cheque processing

DB and HCL Technologies have announced a strategic partnership to transform the bank’s global cheque processing operations.  HCL will build a cloud-based digital and fully scalable cheque processing platform for the bank.  The new IT-platform is expected to go live in 2019.

The new cloud-based IT-platform will enable Deutsche Bank to further reduce the complexity of its IT-landscape, decrease cost, increase straight-through processing capabilities and efficiencies in cheques processing. Also advanced data analyticswill enable corporate and institutional clients to use data generated by the platform, to better manage business flows and working capital.

Citi to launch virtual card accounts in China

Citibank (China) Co. have announced the launch of Citi Virtual Card Accounts (“VCA”), a next-generation global electronic payment solution designed to provide corporates with greater security, flexibility and control over their organizational expenses. Citi is the first bank to launch this solution in China, in line with the Shanghai Free Trade Zone’s focus on embracing innovative and digital solutions.

Citi clients already use VCA for supplier payments in 31 unique currencies and in 43 countries around the world. In Asia, VCA is now available in 13 markets: Australia, China, Hong Kong, India, Indonesia, Malaysia, New Zealand, the Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam.

Virtual Card Accounts extend Citi's “Procure to Pay” suite to include traditional and electronic payments via Automated Clearing House (ACH), buyer-initiated purchasing cards, and now digital virtual cards. 

Cashforce cash forecasting and WC survey

The Financial Executive Consulting Group - the world’s largest group of its type in world - & Cashforce, the creator of the "next generation" Cash Forecasting & Treasury Management platform, survey on cash forecasting and working capital management, see, is still open.

To participate and find out how your company compares to 200+ others, click here.

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