Citi spurs cross-border payments through digitalisation efforts

September 14, 2021 | 20:40
Citi Treasury and Trade Solutions Asia-Pacific has just introduced a new service for institutional clients in the region to speed up cross-border payments.
Citi spurs cross-border payments through digitalisation efforts
The CitiDirect BE® Document Centre supports multiple processes required to facilitate cross-border payments

Available in the Philippines, Thailand, and Vietnam, the CitiDirect BE® Document Centre digitalises supported documents and streamlines relevant processes required to facilitate cross-border payments. As part of Citi’s digitalisation efforts across the globe, the Document Centre was first introduced in South Africa in March.

Managing cross-border payments has traditionally been an analogue, cumbersome, and time-consuming process for both banks and their clients, particularly in markets with currency restrictions.

When initiating cross-border payments, clients have to submit lengthy, paper-based supporting documents to their banks to comply with various requirements. Documents are then typically processed separately from corresponding payment instructions, requiring manual interventions to link the two.

With the Document Centre, clients are provided with details on documentation, regulatory, and data requirements for different payment types upfront.

Available at CitiDirect BE® - Citi’s electronic banking platform for institutional clients – the Document Centre serves as a digital document submission channel that also supports additional multiple processes required to facilitate cross-border payments.

Amit Agarwal, global head of Cross-Border Payments said that, “Through digitalisation, we continue to introduce new solutions and capabilities that enable us to create frictionless payment experiences. In cross-border payments, where transactions are often complex, we are simplifying processes for clients to keep pace with today’s hyper-connected world. By investing in digital solutions and capabilities, we want to help clients move money anytime, through any channel, using any currency.”

With the Document Centre, clients are provided with details on documentation, regulatory, and data requirements for different payment types upfront.

“Our latest service enables clients to process cross-border payments much more efficiently, while in compliance with regulatory requirements. The process provides more transparency and empowers clients to better manage their day-to-day operations,” said Sanjeev Jain, Asia-Pacific head of Payments and Receivables.

A single-window service creates clear links between payment instructions and related documents while providing a simple and user-friendly experience. Clients can also track the status of their documents on the platform, using Citi® Payment Insights, with access to reporting and analytics that enhance the management of cash and cross-border transactions.

“The latest digital solutions complement our suite of recently launched digital capabilities in Vietnam including CitiDirect BE® Digital Onboarding, electronic customs declaration processing, and eTax payments. We are committed to driving more digital-firsts to our clients in Vietnam as we further our leadership in digitalisation and innovation in the market,” said Jared Mecham, Citi Vietnam head of Treasury and Trade Solutions.

By Anh Duc

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