Citi has announced the launch of a new service for its institutional clients that speeds up the processing of their cross-border payments through the digitisation of supporting documents.
With Citi’s new service, documents can be completed, processed and tracked digitally via Citi’s CitiDirect BE® electronic banking platform.
The platform also provides users with upfront details about the documentation and data requirements for different payment types.
This single-window service reportedly creates clear linkages between payments and related documents and cuts document fulfillment and processing times by more than half.
In addition, users can also track the status of their documents on the platform, via Citi® Payment Insights, and access valuable reporting and analytics that enhance the management of cash and cross-border transactions.
The service, which is being rolled out initially in South Africa, significantly streamlines and eases the processing of overseas payments by bringing together on a single electronic platform the once-separate submission of cross-border payment instructions and documents associated with them.
“At Citi, we’re investing heavily in digital technologies and platforms to simplify, integrate and automate our clients’ payment and FX-related activities, end-to-end.
Our ultimate objective is to create frictionless payments that can be delivered electronically and uniformly, 24/7, to any country, via any channel and in any currency. This new service brings us a step closer to that goal.”
said, Shahmir Khaliq, Global Head, Treasury and Trade Solutions (TTS), Citi.
“Completely digitising clients’ cross-border payment processes helps them save time and money, and also respond faster to the demands of today’s global marketplace.
Digitising cross-border payments documentation processes also sets the stage for further innovation and deepening our engagement with various important stakeholders on how to achieve better sustainability outcomes, a theme that cannot be over-emphasised today.”
said Esther Chibesa, Sub-Sahara Africa Head, TTS, Citi.
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