Citi’s Treasury and Trade Solutions (TTS) has launched an enhanced Citi Supplier Finance offering, now with WorldLink Payment Services (WorldLink). The bank says that this provides its clients access to the combined strength of the two platforms.
Leveraging one single point of implementation, this virtual interface delivers a streamlined setup and the opportunity for clients to transact across multiple currencies for settlement. This solution has launched in the US with plans to expand globally.
Citi says it consistently invests in the Supplier Finance platform technology as a strategic priority to cater to its clients’ needs and achieve end-to-end digitisation. Through the enhancements to the Supplier Finance online portal, clients can manage the dual work streams of supplier financing and foreign currency conversions at the same time, which should help to minimise costs of implementation and realising potential resource efficiencies.
The bank says that benefits of the new offering include:
- Seamless access to WorldLink Payment and FX features.
- Ability to electronically onboard suppliers.
- Increased transparency to help manage supplier finance and foreign payment processes.
- Access to the new Supplier Finance dashboard providing clients and their suppliers’ program reporting at a glance.
“Now more than ever, institutional clients are faced with challenges and the complexity of paying their suppliers around the world while ensuring working capital is effectively utilised,” said John Ahearn, global head of Trade at Citi Treasury and Trade Solutions. “By providing centralised access to these two digital solutions, we are able to give our clients a seamless and efficient process to help manage their supplier finance needs.”
“As institutions increasingly become global and source goods from suppliers internationally, it is important for banks to support their clients with comprehensive supply chain finance and global payments solutions," added Manish Kohli, global head of Payments and Receivables at Citi Treasury and Trade Solutions. "Citi is a leader in the trade and payments space, and we are harnessing the synergies and strength of our WorldLink platform to deliver more choice and increased efficiency to our clients.”
WorldLink, Citi’s institutional cross-border payments solution, provides payment capabilities in 195 countries and over 145 currencies. The WorldLink solution is designed to make global cross-border, multi-currency payments simple for corporations, financial institutions and public entities by accessing an extensive payment and FX network built upon Citi’s on-the-ground branch presence that provides direct access to approximately 250 local and regional clearing systems. WorldLink is offered through Citi’s Institutional Payments and Receivables business.
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