Citi announced on Wednesday it has launched a new cross-border platform to help its multinational clients manage the complexities in collecting cross border business-to-business payments. According to Citi, Citi Global Collect will help multinational clients continue to extend their global reach. The financial group claims the processing will make it easier to collect funds from overseas payers and apply cash faster.
“Citi combined its local payment offerings, account structures and FX capabilities with a leading digital invoicing platform from HighRadius Corporation, a Citi Ventures portfolio company. 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.”
While sharing more details about the platform, Flavio Figueiredo, Global Head, Rates and Currencies Corporate Sales at Citi, explained:
“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.”
Citi went on to add that Citi Global Collect is one of 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.