Treasury Management Internation Logo

Citi Launches Citi Virtual Accounts

Published 

London – Citi 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.”

Most recent episodes

HSBC’s Sibos Spotlight: Investing in the Future – from Diversity to Green Deposits

In the final instalment of HSBC’s Sibos Spotlight, Eleanor Hill (TMI) invites Nadine Lagarmitte and Suraj Kalati (HSBC) to consider how corporates’ attitudes to...

25:12

HSBC’s Sibos Spotlight: The ESG Landscape – what every treasurer needs to know

In the third edition of HSBC’s Sibos Spotlight Podcast series, TMI’s Eleanor Hill invites Farnam Bidgoli (HSBC) to provide an in-depth overview of the current ESG...

16:24

The Path to Transformational Global Cash Visibility

Davina Bradley (CEVA Logistics) and Conor Deegan (CashAnalytics) join TMI’s Eleanor Hill to explore how treasurers can transform their cash visibility and forecasting within their business in a matter of weeks using a...

33:16

HSBC’s Sibos Spotlight: Embedding ESG in Trade and Supply Chains

In the second podcast from HSBC’s Sibos Spotlight series, TMI’s Eleanor Hill speaks to Surath Sengupta (HSBC) about embedding ESG into trade and supply chains....

20:58

Lost in Transaction: Overcoming Payments Pitfalls

From simple errors to duplicates, fraud and sanctions violations, there are a number of areas where payments can go wrong – especially in the real-time environment. In this podcast, TMI speaks to Andrew Ferrao...

34:25

HSBC's Sibos Spotlight: Central Bank Digital Currencies

The first edition of HSBC’s Sibos Spotlight series sees TMI’s Eleanor Hill joined by Mark Williamson and James Pomeroy (HSBC) to discuss the hot topic of Central Bank Digital Currencies (CBDCs). Our guests discuss...

25:48

Payments Vision 2025: The Inside Track

Wim Grosemans, Steven Lenaerts (BNP Paribas) and Wim Raymaekers (SWIFT) join TMI’s Eleanor Hill to outline their vision for the payments landscape in 2025. Our guests consider how recent developments such as instant...

28:21

Stepping Out from the Shadows

“Treasurers needs to step out of the shadows and into the sunshine in terms of their strategic contribution.” claims Zitah McMillan, Co-Founder and CEO, Predictive Black. In this podcast, hosted by TMI’s Eleanor Hill, our guest declares that the...

16:54

Why the ‘One Size Fits All’ Approach is Outdated - A Cash Segmentation Treasury Masterclass

With the ongoing low interest-rate environment and increasing regulatory change, it’s more important than ever for treasurers...

23:55

Instant Payments: Instant Rewards

TMI’s Eleanor Hill sits down in the virtual TreasuryCast studio with J.P. Morgan’s Global Head of Real-Time Payments, Cyrus Bhathawalla, to discuss how treasurers can capitalise on the evolving nature of real-time payments. Our guest contemplates the elements...

23:55