Citigroup Launches New Payment Service for Shared Service Centers and Centralized Treasury Operations
Citibank® Integrated Payments Service Centralizes, Automates, and Standardizes Payment Operations, Domestically and Globally
October 11, 2005, New York and San Antonio — Global Transaction Services, a business unit of Citigroup Corporate and Investment Banking, announced today a new payment service specifically designed to meet the needs of organizations and businesses that want to integrate and centralize a variety of payment operations across business units and geographies.
With the trend toward creating shared service centers, centralized treasury operations, and payment factories, Citibank® Integrated Payments Service enables treasurers to simplify and automate all types of payments, including payroll, vendor invoices, taxes, and dividends, both domestically and globally.
“Corporate treasurers facing the convergence of global banking and new ERP (Enterprise Resource Planning) solutions almost universally express the same priorities,” said Bharat Sarpeshkar, Managing Director and Global Head of Payments for Citigroup Corporate and Investment Banking. “They voice a triple mantra of centralization, automation and standardization. Citigroup’s new payment service, which is more comprehensive and more fully integrated than any other offering in the marketplace, is a response to that mantra. It truly is a new way of transacting payments across an enterprise, simplifying and consolidating operations while giving treasurers more timely information about, and more control over, their funds.”
For multinational companies with extensive multi-regional and multi-currency payment operations, Citibank Integrated Payments Service simplifies the set-up of regional payment centers, providing a uniform platform and approach that can be replicated across regions or businesses.
The new service provides end-to-end integration for everything from implementation and payment transaction processing to reporting and reconciliation, all backed by customer support. Features of the new service include:
- Integration with a variety of ERP systems and treasury workstations
- Availability of electronic and paper payments (checks, wires, ACH/Giro) in more than 130 countries
- Ability to support multiple file formats, connectivity and security options (including SAP Idoc, EDI, Edifact, XML)
- Consistent, customizable prior-day and intra-day reports
- Status of transactions available via e-mail notification or Web browser
For more information about Citibank® Integrated Payments Service, visit www.transactionservices.citigroup.com.
Citigroup (NYSE: C), the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup’s trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, and Banamex. Additional information may be found at: www.citigroup.com.
About Citigroup Corporate and Investment Banking
Our Corporate and Investment Banking group achieves the extraordinary for our clients around the world. No financial institution is more committed to understanding and advancing the goals of its clients - our diverse and talented staff in some 100 countries advises companies, governments, and institutional investors on the best way to realize their strategic objectives. We create solutions for and provide the broadest possible capital and market access to thousands of issuer and investor clients, and no institution better executes the increasingly complex payment and cash management solutions required in today's global economy. Core business lines under Citigroup Corporate and Investment Banking include Global Capital Markets, Global Banking and Global Transaction Services.