Citi Launches Citi® Virtual Accounts
LONDON--(BUSINESS WIRE)--Sep 25, 2018--Citi (NYSE: C) has announced the launch of its new global solution, Citi ® Virtual Accounts, which allows clients to segregate their balances under a single physical account, providing enhanced visibility, control and efficiencies through centralized payments, receivables and liquidity management.
The in-house solution leverages the strength of Citi’s on the ground presence whilst delivering a globally consistent offering and is live with clients in Western Europe covering 16 markets and 37 currencies, with the U.S. and Asia to follow.
Manish Kohli, Global Head of Payments and Receivables, Treasury and Trade Solutions, Citi, commented: “Citi’s investment in proprietary virtual account technology exemplifies our commitment to providing clients with simple, global and digital solutions. Citi’s virtual account solution is a strategic enabler for corporate treasuries of both our traditional and digital clients, providing a platform for benefits such as bank account rationalization and automated reconciliation.”
“Citi’s virtual account solution is designed to be fully adaptable to our clients needs, allowing treasurers to tailor banking structures to their unique requirements. With a centralized view of real-time cash positions, corporate treasuries can optimize liquidity management and make more informed funding decisions,” added Mark Smith, Global Head of Liquidity Management Services, Treasury and Trade Solutions, Citi.
The flexibility offered by Citi’s solution allows clients to individually view transaction activity, manage online banking entitlements and generate virtual account statements. Virtual account structures can be configured for a single entity or support the “On Behalf Of” model of an in-house bank. From an accounts receivables perspective, clients can harness additional transparency by using Citi ® Virtual Accounts in conjunction with Citi ® Payer ID Accounts to further automate the reconciliation process. In addition to servicing treasury needs, the capabilities can also be used as a business enabler for emerging client segments including digital marketplaces and the sharing economy.
Petra Rosenauer, EMEA Treasurer of Flex Ltd commented: “Citi’s virtual account solution differentiated itself by allowing Flex to convert existing Citi physical accounts into virtual accounts. We’re very pleased with the solution and are moving into the second phase of our bank account rationalization project.”
About Citi Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
About Citi Treasury and Trade Solutions: Citi Treasury and Trade Solutions (TTS) enables our 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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PUB: 09/25/2018 05:11 AM/DISC: 09/25/2018 05:12 AM