Treasury Management Internation Logo

Citi Speeds Up Cross-Border Payments through Digitisation Efforts

Published 

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.

Most recent episodes

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

Building a Data Driven Cash Forecast (with Minimum Effort)

TMI’s Eleanor Hill is joined by Conor Deegan, CashAnalytics, and TMI Award winner François Masquelier to discuss how to make use of internal and external cash flow data sources to create reliable and accurate...

41:34

Tackling the Complexities of IBOR Transition

TMI’s Ben Poole speaks to Shaun Kennedy (Associated British Ports), Tassos Dimopoulos (Salmon Software), and Svenja Schumacher (Deloitte), who provide listeners with everything they need to know about the upcoming...

32:27

KYC: How to Streamline Customer Reference Data in Treasury Processes

In this podcast, Cornelia Hesse (EACT/ VDT) speaks to Noëlle Belmimoun (ArcelotMittal/ AFTE), Patrick Holemans (SWIFT), Séverine Le Blévennec (Aliaxis), Tarek Tranberg...

43:05