Log in or Register for enhanced features | Forgotten Password?
White Papers | Suppliers | Events | Report Store | Companies | Dining Club | Videos
Banking Services
Payments
Return to: BBR Home | Banking Services | Payments

Citi introduces new payments service for institutional clients

BBR Staff Writer Published 17 July 2018

Citi has introduced new payments service for institutional clients with real-time payments visibility and management.

Citi Payment Insights will provide clients with a complete view of the transaction lifecycle within Citi’s entire global network and across the correspondent banking eco-system by incorporating the transparency offered by SWIFT’s gpi initiative.

The new service offers institutional clients with real-time payments visibility and capacity to execute payments on-demand via its electronic banking platform CitiDirect BE.

The enhanced visibility, which is being introduced in 50 markets, includes processing status, processing timelines, charges deducted across correspondent banks, and the amount credited to the beneficiary.

Citi treasury and trade solutions global head Naveed Sultan said: “This new service highlights our dedication to provide a frictionless experience to our clients in a rapidly changing business environment.”

When developing Citi Payment Insights, Citi worked with Royal Dutch Shell to deliver seamless digital experience to control payments across the globe.

The current features of the new service include payments tracking, incoming payments, on-demand proof of payment, grant/deny debit authority and return of funds.

Citi’s new service will offer instant access to payment status, including rejects and returns. It will also help to view incoming payments before a credit is posted into clients' accounts for improved working capital management.

Citi Payment Insights allows SWIFT messages and branch signatures to be saved, printed or sent via email.

The service will also allow clients to offer debit authority online when remitter recall funds posted to a client's account. In addition, the service enables beneficiary to return credits not recognized.

Citi Treasury and Trade Solutions payments and receivables global head Manish Kohli said: "Citi Payment Insights is a significant step forward in executing on this strategy. This service will deliver tangible value to all our client segments and the new technology platform sets the foundation for future.”

Citi offers a range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.


Image: Citigroup headquarters in Lower Manhattan. Photo: courtesy of Beyond My Ken.