Citi Receives Key Awards from The Banker's 2013 Innovation in Technology and Transaction Banking Awards
Citi's ReceivablesVision and Payment Analytics solutions awarded Innovation in Cash Management.
New York, NY - September 23, 2013 – Citi's Treasury and Trade Solutions (TTS) has won the Innovation in Cash Management Award for its ReceivablesVisionSM and Payment Analytics solutions. This award, which is one of The Banker's 2013 Innovation in Banking Technology Awards, acknowledges the efforts of the industry's IT professionals worldwide, for developments such as collaborative software and interactive risk calculators. Citi TTS has also been awarded two additional accolades for Most Innovative Transaction Bank from the Americas and Most Innovative Global Transaction Bank, both new categories.
ReceivablesVision and Payment Analytics are complementary analytics solutions which provide clients with increased visibility and control into their treasury transactions. ReceivablesVision aggregates and standardizes data across countries, currencies, and transaction types such as B2B and B2C payment flows. With advanced self-service analytical tools, customers can easily identify key trends and react to compliance needs while customized alerts and online exception management enable clients to improve efficiencies. Payment Analytics consolidates payment data into interactive dashboards and allows for increased control through customizable filtering and reporting capabilities. Both solutions help clients to achieve a higher level of visibility into their treasury transactions.
ReceivablesVision and Citi Payment Analytics, both accessible through CitiDirect BESM, Citi's online banking portal, provide clients with visibility, accuracy and control over their payables and receivables flows. These modular solutions help clients understand payment trends, automation opportunities, creating more cost-effective ways of processing payments.
"Over the past year we have brought several new inventive solutions to market that focus on making data more accessible and meaningful to our clients. These awards are a testament to the ingenuity of our teams and our continued focus to provide clients with the most focused and relevant solutions in the market." said Ebru Pakcan, Global Head of Payments and Receivables at Citi.
"By centralizing all credit and debit flows, CitiDirect BE ReceivablesVisionSM and Payment Analytics increase visibility and control, providing clients with the business intelligence to streamline payment processing, and optimize working capital. The solutions provide a consultative, flexible and differentiated value proposition to meet client needs across developed and emerging markets" added Alan Lin - Market Management Head for Payments and Receivables at Citi.
Jane Cooper, transaction banking editor at The Banker said, "This is the first year that we have had an awards programme dedicated to transaction banking. Because of the increasing importance of transaction services to the banking industry as a whole, we wanted to give greater recognition to the many aspects of transaction banking. We were impressed by the quality of the entries and the standard was extremely high. The award for Innovation in Cash Management was given on the basis of the ReceivablesVision and Citi Payment Analytics solutions as there was a clear demonstration of the benefits of the solutions."
Since the launch in January 2013, ReceivablesVision and Payment Analytics have received very positive feedback from clients in Asia and North America, with over 100 clients using the services. Clients find the user interface very intuitive, with consolidated views helping make outgoing payment investigations more efficient and increasing predictability of incoming payments. With dynamic score cards and reports, clients have a proactive way to manage their credit and debit flows to ensure monthly targets are met, increasing revenue accountability across business units.
Citi Treasury and Trade Solutions (TTS) enables our clients' success by providing an integrated suite of innovative and tailored cash management and trade finance services to multinational corporations, financial institutions and public sector organizations across the globe. Based on the foundation of the industry's largest proprietary network with banking licenses in over 100 countries and globally integrated technology platforms, TTS continues to lead the way in offering the industry's most comprehensive range of digitally enabled treasury, trade and liquidity management solutions. As of the second quarter of 2013, average deposits and other customer liability balances were $415 Billion.
About The Banker
The Banker is the world's premier banking and finance resource. Read in over 180 countries around the world, The Banker is the key source of data and analysis for the industry. Its unique database of more than 4000 banks maps their financial strength and soundness via Tier 1 capital, their profitability, and their performance versus their peers. The Banker has been providing global financial intelligence since 1926 and has built a reputation for objective and incisive reporting on major events. Every month the magazine combines in-depth regional and country coverage with reports on capital markets and structured finance, risk management, working capital management and securities services, environmental finance, trade and project finance, trading, technology and management and governance issues.
Citi, the leading global bank, 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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