Citi Unveils Simpler, Automated Way to Reconcile Transactions and Avoid Exceptions
CitiConnect Straight-Through Reconciliation eliminates manual interventions, and speeds up cash applications
Boston, New York, NY - November 8, 2011 – Citi today announced the launch of its Citi Straight-Through Reconciliation (STR) product which simplifies and automates the way payments transactions are reconciled and exceptions are managed. This service was developed in partnership with clients that leverage CitiConnect to access Global Transaction Service’s payments across 96 countries.
This powerful tool combines a complete range of channels and instruments with enriched transaction data. Citi STR delivers standardized statement reporting which can significantly improve automated reconciliation, and speed up cash applications. Citi STR customers will be able to receive globally consistent itemized and enhanced statements to support their straight-through reconciliation needs, as well as exception reporting to aid in investigations.
"The launch of the Citi STR solution is significant because it increases the efficiency of our customers’ account reconciliation processes and moves their back-office capabilities beyond straight-through transaction processing to straight-through reconciliations," said Michael Berkowitz, Head of North America Liquidity & Investments and Channel Services with Citi’s Global Transaction Services. "Citi STR significantly reduces exceptions, freeing up critical human capital, which allows customers to better support their organization’s commercial needs."
Citi STR offers clients tremendous flexibility, with options to choose from a variety of file formats for data transmissions, including ISO XML, UN EDIFACT, BAI2, and SWIFT FIN. For companies looking to optimize their enterprise resource planning or treasury management systems, the Citi STR solution simplifies investigations, minimizes opportunity for errors, and frees up precious time and resources.
The benefits of Straight-Through Reconciliation include:
- Automatic reconciliation of accounts payable and accounts receivable bank statement entries
- Reducing costly, inefficient manual reconciliation activities
- Rapid identification and resolution of problem payments
- Simplified management of rejected and returned items
- Faster and more streamlined cash application processes
CitiConnect is a web-based delivery platform that displays documentation information to non-Citibank customers who are a part of a financial transaction with one of the bank’s corporate customers. CitiConnect enables customer’s "beneficiaries and payers" to access information on transactions, outstanding or historically (up to 90 days).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 third quarter of 2011, it held on average $365 billion in liability balances and $12.5 trillion in assets under custody.
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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