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. Unlike other bank offerings available in the Canadian market, clients can utilize Citi Payment Exchange to migrate from paper-based instruments to electronic payments.
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.
Citi Payment Exchange enhances clients’ experience in making payments to suppliers and third parties by:
• Managing and securely maintaining payee payment preferences, bank account details and related information;
• Simplifying processes around payment execution;
• Increasing visibility and control for suppliers and other payees;
• Creating opportunities for improved working capital and Commercial Card rebates;
• Reducing the potential for payment fraud;
• Converting payments to third-party payees into a relationship-building tool.
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.
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.
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