Citi releases enhanced supply chain finance offering
(22 October 2019 – United States) Citi Treasury and Trade Solutions (TTS) has launched an enhanced Citi Supplier Finance product in the US with plans to expand globally.
Citi now offers the ‘WorldLink’ payment services platform, designed to give clients unlimited access to two platforms while leveraging one single point of implementation. The virtual interface delivers a streamlined setup and allows clients to transact across multiple major currency pairs for payments settlement.
The service supports seamless access to WorldLink Payment and foreign exchange (FX) features, digital supplier onboarding, increased transparency and a new supplier finance dashboard providing end-to-end supplier reporting. The solution is a positioned as a ‘win-win’ for clients and all the way down their supply chain by extending working capital cycles, helping reduce suppliers’ FX exposure and creating mutually beneficial early payment opportunities.
“Now more than ever, institutional clients are faced with challenges and the complexity of paying their suppliers around the world while ensuring working capital is effectively utilized. By providing centralized access to these two digital solutions, we are able to give our clients a seamless and efficient process to help manage their supplier finance needs” stated Citi Global Head of Trade, John Ahearn.
“As institutions increasingly become global and source goods from suppliers internationally, it is important for banks to support their clients with comprehensive supply chain finance and global payments solutions. Citi is a leader in the trade and payments space, and we are harnessing the synergies and strength of our WorldLink platform to deliver more choice and increased efficiency to our clients,” said Citi Global Head of Payments and Receivables, Manish Kohli.
The product launch comes as Jane Fraser, current Citi CEO of Latin America, was announced as next Citigroup President and Consumer Bank CEO, marking her as a likely successor to current Citi CEO Michael Corbat. “I remain committed to leading our firm in the coming years and look forward to working even more closely with Jane in her new roles” Mr Corbat said, confirming that he promoted Ms Fraser to the role to make sure the bank is well positioned for the next decade and beyond.