Citi Launches Citi Procure to Pay in EMEA
Solution combines payments, supplier finance and commercial cards capabilities
New York - October 20, 2010 – Citi’s Global Transaction Services announced today that it has launched its Procure to Pay solution in EMEA. Focusing on supplier payment optimization, Citi’s Procure to Pay solution combines Citi’s capabilities across payments, supplier finance and commercial cards to offer clients a holistic payments solution.
Initially focusing on optimizing the transaction side of the Procure to Pay cycle, the launch of Citi’s solution in EMEA is an important step in Citi’s long term strategy to support clients’ goals of improving efficiency and enhancing working capital with innovative new solutions. Corporate clients are facing a more challenging environment in which to pay their suppliers, where processing efficiency has to be balanced with the goals of enhancing working capital and ensuring supply chain stability.
As a result, more and more clients are demanding an integrated, intelligent solution that can help them balance these goals. Citi’s Procure to Pay solution helps meet this need by integrating a range of payment tools with electronic invoicing capabilities, underpinned by advanced analytics and a consultative approach to help clients find the optimum payment mechanism for each supplier. The result is a ‘one-stop shop’ of payment solutions for Citi’s clients.
With the Procure to Pay solution, Citi’s Payment and Supplier Finance capabilities are offered through a single, standardized channel and process. Purchasing Cards and Virtual Card Accounts are available to supplement the offering and further streamline payment processes. Hence, a range of payment tools are available, delivered in a way that simplifies processes and technology, rather than adding a new layer of complexity.
"As clients migrate more functions into their Shared Service Centers, they are requesting integrated solutions that span a wider range of business processes such as supplier management, accounts payable and procurement, " said Rajesh Mehta, Head of Treasury and Trade Solutions for Europe, the Middle East & Africa, Citi. "At the same time, Corporates are realizing that they also need to support their key suppliers in order to ensure an uninterrupted supply flow. Our Procure to Pay launch is the first step in a strategy to provide a wholly integrated solution, facilitating consolidation of a wide range of supplier management and payment processes. "
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.
About Global Transaction Services
Global Transaction Services, a division of Citigroup’s Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 100 countries, Citigroup’s Global Transaction Services supports over 65,000 clients. As of the third quarter of 2010, it held on average $340 billion in liability balances and $12.4 trillion in assets under custody. For more information on Citi’s Global Transaction Services, visit www.transactionservices.citigroup.com/transactionservices/home/