Citi have now launched their Citi Payment Exchange into Canada in Canada. It enables corporates to improve the efficiency of their accounts payables by maximizing electronic adoption by payees and eliminate administrative waste from the payments value chain resulting in significant cost savings. It combinesg multiple payment channels into a single platform with little or no technical effort, the solution consolidates your payments processes for added efficiency. It also addresses administrative challenges such as payee enrolment and data maintenance by taking a scientific and systematic approach to payee segmentation, targeting and subsequent enrolment. 

Citi Payment Exchange provides:

• increase electronification
• reduce payment costs
• simplify administration and Increase payee confidence
• lower fraud risk
• improve vendor relationships
• maximum straight through processing.

Navistar, a leading U.S. manufacturer of commercial trucks, buses, defense vehicles and engines, have worked with Citi to execute an efficient supplier enrollment campaign, leveraging the secure, cloud-based Citi Payment Exchange platform to collect bank account details and related data for qualified suppliers.

“Citi Payment Exchange played a critical role in our ability to achieve our goals of reducing the number of check payments we made to our supply chain,” said Andrew Bernardi, Cash Operations Director at Navistar.  “The secure platform and integrated supplier enrolment capabilities helped convert more than 1,100 suppliers to electronic payments and eliminate 70,000+ check payments handled by our A/P group.  Where once we lagged our peers, Navistar now is above industry averages for the amount of payments handled electronically, and we are seeing the benefits from greater process efficiency, lower costs and reduced exposure to potential payment fraud.”