New automated cross-border sweeping in Korea from Citi
by Kylene Casanova
Citibank Korea Inc. has launched cross-border automated cash concentration services to facilitate foreign currency cross-border trade flows into Korea, making it the first bank to offer such liquidity management solutions in the market.
Hyundai Glovis, a provider of integrated logistics services, including shipping, storage, transportation, and CKD operating in over 12 countries, is the first user of the new sweeping service. The company is now able to leverage Citi’s global liquidity platform to drive balance sheet efficiency, minimize operational and financial risks, and reduce external funding costs. The treasurer from Hyundai Glovis said: "Citi’s automated solution facilitates end of day cash concentration from New York to Seoul without the loss of value date, allowing us to maximize our investment opportunities."New automated cross-border sweeping in Korea from Citi
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