Citi Bank has introduced a new cross-border business-to-business (B2B) payments platform, Citi Global Collect, for its multinational clients by integrating account structures and FX capabilities with a leading digital invoicing platform from HighRadius Corporation, a Citi Ventures portfolio company.
Citi Global Collect will help clients continue to extent their global reach, making it easier to collect funds from overseas payers and apply cash faster.
The B2B payments platform is part of an alliance between the bank’s Treasury and Trade Solutions (TTS) and Foreign Exchange (FX) businesses.
Citi Global Collect is latest addition to the new solutions being added to Citi’s continuously-expanding product suite, including Citi Payment Insights, Citi Virtual Accounts, Citi Smart Match and Citi Payment Outlier Detection, demonstrating how innovation is central to Citi’s mission. The bank is keenly focused on creating new solutions that best serve clients facing new challenges and grow.
Citi Global Collect leverages the bank’s international footprint, alongside its best-in-class FX and payments capabilities, to create a frictionless B2B payment experience for both billers and payers. By embedding FX into the invoicing process, institutional clients have access to multi-currency pricing and can price goods and services in the preferred currency of their international payers, while still receiving the full amount in their functional currency with guaranteed rates.
Challenging inefficient and disjointed experiences
In today’s environment, institutions deal with multiple service providers to collect their payments by presenting invoices, collecting funds cross-border and reconciling payments – creating an inefficient and disjointed experience. Additionally, current collection processes are primarily manual and paper-based, creating more operational inefficiency.
To address this challenge, Citi combined its local payment offerings, account structures and FX capabilities with HighRadius Corporation. This fully integrated platform connects Citi’s clients to their international payers across key markets in all regions. By automating the entire workflow – including international billing, automated payment, currency selection and reconciliation – multinational clients achieve greater visibility and control over cross-border receipts and their global cash position.
“In today’s digital economy, clients must scale quickly into new markets to remain competitive. At Citi, we are arming our clients with the technology to enable expansion and sustain growth by automating key aspects of their core operations and improving the end-to-end user experience,” said Manish Kohli, Global Head, Payments and Receivables, Citi.
“With the roll out of Citi Global Collect, Citi continues to prove that we are able to leverage our greatest assets to create competitive technology solutions that meet our clients’ international business needs and allow them to manage associated currency risks,” said Flavio Figueiredo, Global Head, Rates and Currencies Corporate Sales, Citi.
Citi Global Collect leverages emerging technologies, strategic Fintech partnerships, and the strength of Citi’s global network. “We are excited to extend our partnership with Citi by contributing to a new solution that combines our cutting edge technology with Citi’s industry-leading assets” said Sashi Narahari, Founder and CEO of HighRadius.