Coca-Cola Beverage Company Korea Streamlines Receivables with Citi’s Mobile Collections Solution
Hong Kong - October 11, 2011 – Coca-Cola Beverage (CCB), the Coca-Cola Company’s Korean bottling partner in Korea’s soft drink manufacturing industry, has implemented a mobile collections solution from Citi’s Global Transaction Services business. Citi’s solution has eliminated the need for cash collections and as a result, has significantly enhanced CCB’s receivables processes.
Each month, CCB conducts over 200,000 cash transactions with its retailers, requiring significant investments in time and effort, while being prone to errors and security issues. With Citi’s mobile collections solution, CCB is able to move away from physical cash collection to a mobile-based settlement. This solution, which is being made available in a number of key markets to serve Citi’s clients across the region, also brings the added benefits of increased operational efficiency, enhanced liquidity risk management and maximization and a safer, more secure collections method.
Citi’s Global Transaction Services, a division of Citi’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, Citi's Global Transaction Services supports over 65,000 clients.
Sridhar Kanthadai, Regional Head, Asia Pacific, Treasury and Trade Solutions, Citi, said, "This is a key milestone in Citi’s digital roadmap for the transaction banking industry. Leveraging our extensive experience in the FMCG sector, this mobile collections solution was designed to streamline and secure cash collection processes for companies like CCB, who will benefit from real-time online information management to significantly improve the order-to-cash process. Citi is working to launch this solution in key Asian markets, including China and India."
The Treasurer of Coca-Cola Beverage, Korea, said "Citi understands our needs fully and their mobile collections solution is an excellent example of how a banking partner can help to resolve a client’s challenges and to bring added value to our business. Citi’s innovative solution, commitment, and professionalism were in line with our expectations. We are very excited to launch the service by being the pioneer in the market, and we are happy to have a dedicated business partner like Citi."
Leo Wan, Head of Treasury and Trade Solutions for Citi in Korea, adds, "We are very grateful for the opportunity to work with CCB to implement this unparalleled mobile collections solution in Korea. Through this partnership, Citi continues to strive to deliver superior value propositions to our esteemed clients with innovative banking solutions, and also distinctively position these two iconic brands as catalysts for sustainable growth."
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. 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.
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About Global Transaction Services
Global Transaction Services, a division of Citi’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 second quarter of 2011, it held on average $365 billion in liability balances and $13.5 trillion in assets under custody.