Citigroup Announces Innovative New Features to Trade Advisor to Monitor Commercial Letters of Credit online
Web-based tool tracks LC's 24 by 7
SIBOS, October, 2006, Sydney, Australia Global Transaction Services, a business of Citigroup Corporate and Investment Banking, today announced major new enhancements to Trade Advisor through CitiDirect® Online Banking, its Web-based inquiry tool for commercial letters of credit (LCs). Trade Advisor through CitiDirect enables correspondent banks, their importing clients, the beneficiaries of the letters of credit, and all other parties involved in LCs to easily obtain the latest transaction status in a 24/7 environment. No user ID, password, or the like is required — making it the industry's easiest to use LC reporting tool.
This latest version of Citigroup's Trade Advisor allows users to check on their letters of credit in intricate detail, while providing greater transparency and clarity. For example, it not only reports the dates of LC advising/confirmation/amendment, but also the original and current LC balance, plus the receipt date, checking date, acceptance and maturity dates, payment date, and courier tracking information for drawings. The entire range of data is accessed with either Citigroup's or the correspondent's reference number combined with the LC or drawing amount. Reporting has also been added for import collections directed to Citigroup (date of receipt, acceptance and maturity dates, payment date).
"The system offers our correspondents and their clients significant advantages for tracing LCs," said John Ahearn, Global Head, Trade Services and Business Unit Manager. "Our pilot customer feedback has been exceptional. They are very pleased with the newest features."
Trade Advisor through CitiDirect seamlessly links users to Citigroup's trade services processing sites around the world. It remains the first and only Web-based system that enables all participants to an LC to view the current transaction status without the need for system installation/set up, IDs, passwords, and the like.
"Trade Advisor through CitiDirect Online Banking is part of Citigroup's strategic technology push on a global level," said Claudia Slacik, Global Head, Trade Services and Finance, Global Transaction Services. "Information access is the driving criteria for international trade, and this product brings all interested parties into the loop — yet it's as simple to use as a courier's delivery tracking website."
Citigroup Trade — a global leader
With a market-leading network spanning 71 countries and 112 cities, Trade Services and Finance, part of the Global Transaction Services division of Citigroup Corporate and Investment Banking, delivers comprehensive solutions to suppliers and buyers worldwide. Clients benefit from the innovative ideas of Citigroup's trade professionals, enabling them to manage risk, improve working capital, control trade flows and multiple currency cash flows, and access information to facilitate the management of trade activities. In recognition of its market leadership, Trade Services and Finance received Trade Finance "Awards for Excellence 2006" for Best Structured Trade Bank, Best Trade Services Bank Best Short-Term Trade Finance Bank, Best Trade Bank in Asia, Best Trade Bank in China and Best Trade Bank in Thailand. It was also cited as Best Global Trade Finance Provider 06 by Trade & Forfaiting Review. Of particular note on its technological capabilities, it received The Banker Technology Awards 06/Trade Finance Project and Global Finance's Best Trade Finance Services - Europe, Latin America and North America, 2006.
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, securities brokerage, and wealth 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
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.