Hanse Orga and Citi Work Together to Deliver Receivables Reconciliation Solutions
London, Rome - October 13, 2011 – Hanse Orga AG, a leading provider of fully embedded financial software solutions certified by SAP, and Citi’s Global Transaction Services unit today announced they have agreed to work together to provide receivables reconciliation solutions.
The innovative collaboration between Citi and Hanse Orga will bring flexible solutions designed to increase straight-through reconciliation, delivering faster, more efficient receivables management. By leveraging a proprietary Hanse Orga product, FinanceSuite AutoBank Automatic Cash Application, Hanse Orga and Citi now deliver an integrated end-to-end receivables solution in order to significantly improve clients’ cash application, manual post processing and visibility into reconciliation reporting.
Karin Flinspach, EMEA Head of Receivables and Channel Services, Treasury and Trade Solutions, at Citi said, "We are pleased to be working with Hanse Orga on this project. Citi has established world-class receivables management solutions delivered through a wide range of collection instruments, complemented by extensive reporting and data consolidation services. We are now able to enhance our offering by introducing Hanse Orga’s FinanceSuite AutoBank Automatic Cash Application for clients who are looking to gain full control of their accounts receivable and unlock their cash optimization potential. Our integrated approach results in increased automated matching rates and a significant reduction of Days Sales Outstanding."
Sven Lindemann, Executive Board of Hanse Orga said, "Hanse Orga is delighted to be able to work with Citi. Through our joint solution we will be uniquely positioned to bridge a demand within the cash reconciliation space for automated and standardized processes. Furthermore, our joint experience helps us provide valuable insights and best practices to corporations in this challenging processing environment." Citi has transformed receivables management for many leading corporations across a variety of industries globally. These distinctive solutions provide clients with substantial cost savings, operational efficiencies, standardisation, and a robust reporting package.
About Hanse Orga and FinanceSuite AutoBank Automatic Cash Application
Hanse Orga is based in Germany and is an experienced and reliable partner for corporates seeking to unlock efficiencies in their Financial Supply Chain Management. It offers highly professional solutions for cash application and reconciliation, payment management, cash and liquidity management, treasury and the administration of bank accounts. Hanse Orga’s solutions are fully embedded in and certified by SAP. The enhanced SAP functionality is programmed in ABAP (Advanced Business Application Programming) and has already brought added value to over 500 corporates in Europe and beyond.
Hanse Orga’s FinanceSuite AutoBank Automatic Cash Application is an innovative solution that significantly increases the automatic posting and reconciliation of bank statements, lockboxes and remittance advices. It offers intelligent tools to optimise manual clearing efficiency and helps drive down Days Sales Outstanding noticeably.
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.
Additional information may be found at www.citigroup.com | Twitter: @CitiGTS | YouTube: www.youtube.com/citi | Blog: http://new.citi.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
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.