Hong Kong – Citi Treasury and Trade Solutions Asia Pacific has introduced a new service for institutional clients in the region to speed up cross-border payments. Available in the Philippines, Thailand and Vietnam, the CitiDirect BE Document Center digitises supporting documents and streamlines relevant processes required to facilitate cross-border payments. As part of Citi’s digitisation efforts across the globe, the Document Center was first introduced in South Africa in March 2021.
Managing cross-border payments has traditionally been an analog, 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 FX control and regulatory reporting requirements. Supporting documents are then typically processed separately from corresponding payment instructions, requiring manual interventions to link the two.
Available in CitiDirect BE – Citi’s electronic banking platform for institutional clients – the Document Center 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, Treasury and Trade Solutions, Citi, said, “Payments is a strategic focus area for Citi. Through digitisation, 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 and using any currency.”
With the Document Center, supporting documentation is now completed, processed and tracked digitally and clients are provided with details on documentation, regulatory and data requirements for different payment types upfront. A single-window service creates clear linkages 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.
“Banking is transforming to be 24/7, and our payment services have to support clients in this age of digital commerce. 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, Treasury and Trade Solutions, Citi.