Citi has launched Citi® Payment Exchange, its integrated and
highly flexible institutional payment-processing solution, in Canada.
This follows the successful launch of the service in the U.S. in 2012.
Citi Payment Exchange enhances clients’ experience in making payments to
suppliers and third parties by:
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Managing and securely maintaining payee payment preferences, bank
account details and related information;
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Simplifying processes around payment execution;
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Increasing visibility and control for suppliers and other payees;
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Creating opportunities for improved working capital and Commercial
Card rebates;
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Reducing the potential for payment fraud;
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Converting payments to third-party payees into a relationship-building
tool.
Unlike other bank offerings available in the Canadian market, clients
can utilize Citi Payment Exchange to migrate from paper-based
instruments to electronic payments. Key differentiators for Citi Payment
Exchange include a secure payment portal and holistic payment-workflow
solution that generates meaningful benefits to buyers’ Accounts Payables
(A/P) organizations, while offering greater visibility, flexibility and
control to their payees.
Take as an example Navistar, a leading U.S. manufacturer of commercial
trucks, buses, defense vehicles and engines. The company identified
opportunities to reduce inefficiencies, increase security and reduce
costs associated with check-based payments – but did not have the
resources to manage the process of contacting 1,600+ suppliers about
converting to electronic payments. To overcome this challenge, Citi
worked with Navistar 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 enrollment capabilities helped
convert more than 1,100 suppliers to electronic payments and eliminate
more than 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.”
Added Michael Fossaceca, North America Region Head, Citi Treasury and
Trade Solutions: “U.S. clients who use Citi Payment Exchange have seen
extremely positive results and, with many of our TTS Canada clients
operating cross-border, this expansion was a logical next step. Citi
Payment Exchange will help our current and prospective Canadian clients
increase efficiency and reduce costs, while improving visibility and
insight into payments costs.”
Among other benefits, Citi Payment Exchange can help clients manage the
time-consuming task of marketing to and enrolling suppliers for
electronic payments. Leveraging Citi Working Capital Analytics, a
proprietary analytics tool available exclusively and at no cost to Citi
clients, Citi segments a client’s supply chain to prioritize and target
viable payees as part of a holistic outreach strategy. The resulting
enrollment programs help educate suppliers on the merits of payment
digitization, while offering them multiple payment methods, leading to
higher check-to-electronic conversion rates for Citi’s clients.
“We are committed to innovate, constantly finding new ways to support
our clients in their end-to-end process and make their payment
management simpler and more efficient. The unique opportunity with Citi
Payment Exchange is that it allows organizations to leverage the power
of the next generation of corporate payments, such as virtual cards,”
added Stephanie Zee, Director and Cash Product Head, Citi Treasury and
Trade Solutions, Canada.
Citi’s TTS division enables clients' success by providing an integrated
suite of innovative and tailored cash management and trade finance
services to multinational corporations, financial institutions and
public sector organizations across the globe. Based on the foundation of
the industry's largest proprietary network with banking licenses in over
100 countries and globally integrated technology platforms, TTS
continues to lead the way in offering the industry's most comprehensive
range of digitally enabled treasury, trade and liquidity management
solutions.
About Citi:
Citi, the leading global bank, has approximately 200 million customer
accounts and does business in more than 160 countries and jurisdictions.
Citi provides consumers, corporations, governments and institutions with
a broad range of financial products and services, including consumer
banking and credit, corporate and investment banking, securities
brokerage, transaction services, and wealth management.
Additional information may be found at www.citigroup.com |
Twitter: @Citi |
YouTube:www.youtube.com/citi |
Blog: http://blog.citigroup.com |
Facebook: www.facebook.com/citi|
LinkedIn: www.linkedin.com/company/citi
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