Citi launches cross-border B2B payment collections platform
Citi has launched a cross-border platform designed to help its multinational clients manage the complexities in collecting cross border business-to-business (B2B) payments, by digitising the transaction process and embedding foreign exchange (FX) capabilities. Citi Global Collect, a collaboration between Citi’s Treasury and Trade Solutions (TTS) and FX businesses, should help multinational clients continue to extend their global reach, making it easier to collect funds from overseas payers and apply cash faster.
Citi says that 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, the bank combined its local payment offerings, account structures and FX capabilities with a 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 can achieve greater visibility and control over cross-border receipts and their global cash position.
Citi Global Collect uses the bank’s international footprint, alongside its FX and payments capabilities, to create a frictionless 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.