Citi's Innovation In Action
How today's companies are using Citi innovations to achieve their goals
Innovative ideas and breakthrough technologies. Today's organizations are using them to dramatically improve the way business is conducted, customers are served and lives are lived.
Driving much of that innovation is Citi — across Europe, the Middle East and Africa. Throughout all areas of the trade and treasury business, we're developing and implementing countless innovative ideas — in our products and services, approaches to clients' businesses, and collaborative relationships.
Innovation in Action Highlights
CitiDirect® BE Mobile
Secure, convenient, easy-to-use, mobile banking platform for notification and authorization of payments
Citi’s CitiDirect® BE Mobile turns the most popular "smart" mobile devices into secure, convenient, and easy-to-use online banking tools for receiving notifications and authorizing payments. Clients gain a powerful mobile window into CitiDirect, providing access to critical business and financial data, so they can execute secure business transactions, anywhere and everywhere, in real time.
Chip and Pin Card
"Smart" commercial card features embedded microprocessor to meet travel needs where chip-cards are required
The launch of Citi's Commercial Corporate Chip and PIN card, embedded with a microprocessor, makes it ideal for cardholders traveling to regions where merchants are more familiar with chip cards. This versatile card solution, now available in the U.S., provides clients with the functionality and high level of customer service they've come to expect from Citi.
Intercompany Lending Management
Eases management and control of internal funding activities and associated risks
Citi has expanded its TreasuryVision web-based treasury management platform with a first-of-its-kind Intercompany Lending Management Module. This powerful tool allows treasury departments to centralize activities related to intercompany lending, capturing funding activity in one globally accessible online system. It also streamlines the tracking and reporting of financial flows and makes it easier to control and monitor related activities.
Flu Care Card
Industry-first flu vaccination payment card dramatically reduces employee healthcare spending
The Citi Flu Care card is an innovative, first-to-market corporate healthcare payment solution that enables employers to reduce employee healthcare spending by shifting the administration of flu shots to cost effective pharmacy locations. This unique solution, which relies on patent-pending technology, delivers substantial and immediate savings for employers and a convenient, no cost healthcare alternative for employees.
Citi Treasury Diagnostics
Independent benchmarking of treasury operations practices
Citi Treasury DiagnosticsSM provides companies with independent benchmarking of their treasury operations. This innovative, first-of-its-kind tool helps companies identify key opportunities and challenges, and provides a basis for prioritizing treasury improvement actions.
Citi Implements New SEPA Direct Debit Solution
Currently offering Single Euro Payments Area (SEPA) Direct Debit collections to creditor customers in 9 European countries, Citi now offers this service in all our branches across the continent. Our SEPA Direct Debit is the first true, uniform direct-debit solution available in 32 European countries, helping clients move capital at minimal cost.
Citi Completes First Phase of Swift eBAM XML Pilot Program for Shell
Citi GTS has completed the first phase of our Swift Electronic Bank Account Management (eBAM) XML pilot program, along with partners Royal Dutch Shell and Speranza. Under the program, a Shell corporate signer initiates instructions from a Speranza application, then digitally signs off using Citi-issued, high-assurance digital identities.
Citi Teams With Experian to Provide Corporate Customers With SEPA Data Conversion Service
Thanks to a strategic alliance with leading payments processor Experian Payments, Citi is offering an innovative SEPA data conversion service. Now, organizations can convert and validate data form BBAN to IBAN and BIC. Having teamed with Experian on individual client projects, the alliance was a natural fit, giving customers the combined benefits of both organizations.
Spain
CitiDirect Spain Offers Electronic Collections
The challenge:
Clients in Spain wanted to initiate direct-debit transactions and electronic receivables in multiple local file formats.
The innovation:
Citi produced a new release of CitiDirect which includes file import capabilities of local file formats AEB19 (B2C direct debits) and AEB58 (B2B electronic recibos).
Germany
New Centralized Payroll Solution for Expats
The challenge:
The client had outsourced the expatriate payroll to a service provider in France. The service provider required a service that catered for one channel, one domestic file format and an agreed FX spread.
The innovation:
Citi offered its WorldLink services but as a channel it used MultiLink, the local German standard web platform, capable of processing the local formats.
Poland
Cash Replacement service - A new fully mobile and automated settlement process
The challenge:
To replace cash payments from distributors to stores.
The innovation:
A new mobile settlement solution that enables drivers to use their mobile phones to transmit invoices to the store owners/managers when delivering goods.
Middle East
Citi enhances its presence in the Middle East
The challenge:
To grow our business in the Middle East by providing a wider product base.
The innovation:
Citi has been growing rapidly in the Middle East region and one of the ways it has done this is through its prepaid card offering.
Kenya
Providing Banking Services for people without bank accounts
The challenge:
To find a way to collect payments from Kenyan residents who do not have bank accounts.
The innovation:
Mcommerce was an obvious solution to use for payments in Kenya due to the countries high mobile phone usage rate.
Nigeria
Citi has launched a "Pay at Bank" solution in Nigeria
The challenge:
Hitherto, clients suffered a lag of between 24 and 26 hours in getting access to information on transactions initiated through our correspondent bank network.
The innovation:
The "Pay at Bank" solution enables Nigerian clients to receive dealer collections in near real time at correspondent bank branches.
South Africa and the UAE
Citi launches commercial cards in South Africa and UAE
The challenge:
To expand our commercial cards footprint in order to better serve our clients in the markets in which they operate.
The innovation:
While other banks attempt to complete a commercial cards capability in Europe, Citi is expanding the product to the rest of the world.
Cargo Network Services (CNS)
Leveraging technology to improve collection efficiency
CNS wanted to provide customers with an Internet-based invoicing and payments service so as to cement its close collaboration with airlines, air cargo agents and freight forwarders who exported freight from the U.S.CNS and Citi developed an electronic billing and payments solution that significantly enhanced the company's existing service, CASS-USA.
State of California
California Launches the Largest US Electronic State Tax Collection Platform
The California's State Treasurer's Office sought a streamlined, scalable Citizen Initiated Payments solution to manage tax and bill collection services for a large, diverse partnership of its state agencies. Citi moved swiftly to understand the challenges and help California implement an Electronic Funds Transfer (EFT) solution for tax and bill collection services, and to design a solution that empowered California with the largest electronic state tax collection platform in the United States.
EMC Corporation
Increasing the efficiency and flexibility of global funds investments
EMC acquired more than 30 growth-oriented companies around the world between 2004 and 2008. These acquisitions created new business opportunities however, they also created new challenges related to managing, controlling and investing cash. The Citi team went directly to the drawing board and created a solution making EMC the first corporate to implement future-dated trading. In just a matter of months new features were added to the system, providing EMC the ability to book transactions outside trading hours, including holidays, weekends, and more.
Merck
Standardization of connectivity transforms global cash management
Merck's planned implementation of a single global ERP system and migration of payables and collections to Shared Service Centers prompted a decision to radically streamline bank relationships and re-engineer its cash flow management processes. Merck selected Citi as one of two banks to build its single cash flow infrastructure, avoiding any customization of technology, message standards or bank interfaces.
The American National Red Cross
Purchase Card Program
Working with Citi, the central treasury of the American Red Cross had enjoyed the centralization, control and efficiency of a Purchase Card program for eight years. Recently, The American National Red Cross undertook an ambitious undertaking — to expand the program to its many local chapters throughout the United States. Citi's already-proven rapid response program was a natural fit — and it addressed the client's urgency, delivering a quick and painless implementation, helping 320 local chapters come on board within months.
U.S. Department of Defense
The largest government travel card
U.S. public sector organizations have increasingly used card-based payment processes to streamline procurement and to accelerate mission performance. As a result, card-based payments have become ingrained into the federal government procurement process and the infrastructure for non-card alternatives has become obsolete. In one year, Citi's team of specialists developed an infrastructure, including customized hardware, software and processing platforms, to support 1.2 million cardholders.
State of West Virginia State Auditor's Office
Upon conducting an extensive review of the procurement process used across the State of West Virginia, the State determined that the costs and inefficiencies of its paper-based payment systems were resulting in millions of dollars of unnecessary annual expenses. Citi partnered with the State Auditor's Office and Purchasing Card Advisory Committee (PCAC) to broaden awareness of the cards program and has successfully executed card program implementation throughout all agencies across the State.
Cytec Industries
Optimizing payment channels
Cytec is keenly focused on maximizing working capital, developing a strategy supported by innovative, secure payment channels to defend and enhance its bottom line. Having worked with Citi on successful programs in the past, Cytec turned to Citi for advice, technology and analytics, forging a comprehensive partnership across its entire spectrum of payments — one that would manage payment streams to maximize cash flow and working capital.
Harvard University
Increased reliability with WorldLink®
Because reconciling multiple international "local account checkbook" payments can be difficult, the university sought to implement one consistent payment practice for its many locations. Besides improving control and efficiency through access to a straight-through payment capacity, Harvard also wanted to ensure timely and accurate payments to its many vendors. Citi assigned its WorldLink® Payment Services team to implement a low-cost solution, using a single system to deliver payment transactions in every currency required.
NGO
Increased efficiency and security with WorldLink®
Since NGO's many beneficiaries live in different countries around the world, but receive their funding in a single currency, they sought an efficient way to disburse a massive volume of payments in multiple currencies. Besides seeking to improve controls the client also needed to ensure timely and accurate payments. To empower the NGO to carry out its critical mission efficiently and securely, Citi provided a low-cost solution, using a single host-to-host file format to deliver payment transactions into local clearing systems in every currency required.
KitchenAid USA
The perfect blend of consumer incentives
KitchenAid wanted a rebate delivery solution designed to provide a strong customer experience with faster payment delivery, greater convenience and immediate rebate fund access, that also allowed it to streamline its rebate payment processes with fewer administrative resources to ultimately reduce costs. Citi® Prepaid Services implemented a comprehensive, custom solution that quickly eliminated paper rebate checks and transitioned 100% of the company's rebate payments to electronic delivery loaded directly to KitchenAid Visa® Rebate Cards.
Whirlpool Corporation® Integrated Incentive Program
With paper checks proving to be demandinging on Whirlpool Corporation's resources, the company started looking for a solution that would create operational and financial efficiencies and drive a premier user experience. Citi designed a comprehensive prepaid card incentive solution that allows the company to administer multiple programs using one prepaid platform. With this new solution, Whirlpool can manage its national consumer or sales promotions using a streamlined payment process; card fulfillment and reporting is maintained centrally by Citi Prepaid.
Nigerian Bottling Company (NBC)
Citi's two-part solution delivers secure and transparent receivables management
Nigerian Bottling Company needed a convenient, reliable and secure way of collecting receivables from its customers, and an efficient method of managing A/R. Citi created two integrated solutions, determined by distributor size. Through Citi's partnership with local banks, many small merchants now have the ability to make low-value payments.
SABMiller
Citi's multi-currency cash concentration strategy delivers considerable cost savings
SABMiller has a complex liquidity management structure. And, having grown largely by acquisition, the company has operational and liquidity management structures. Citi's innovative solution was a pragmatic mix of cash concentration and notional cash pooling, where funds could stay in the name of the business unit.
Turkish Airlines
Citi's cross-border target balancing optimizes visibility and reduces costs
Turkish Airlines needed to improve payment process efficiency and increase visibility through real-time electronic reporting and reducing transaction charges. Citi began a phased implementation of an innovative, regional cross-border target balancing structure, sweeping the majority of the firm's balances into Citi London.
TAQA
Appointing Citi its single global banking partner improves liquidity management
Rapid expansion abroad created new demands on TAQA's treasury organization. Due to its decentralized structure, funds visibility was difficult. Multiple new systems and processes were needed, as well as new capital to reduce leverage and support growth. Citi provided multiple innovative best-practice and cutting-edge solutions.
Bamburi Cement
Citi's supplier finance program safeguards the supply chain and optimizes working capital
East and central Africa's largest cement manufacturing company, Bamburi had a tightly managed supply chain. It needed a better way of supplying working capital to key vendors, to ensure a continuous supply chain. Citi proposed an innovative finance solution that was the first of its kind in east Africa. Now suppliers are paid on their invoice due dates.
Dubai Electricity and Water Authority (DEWA)
Citi's Export Credit Agency-backed deal solves a financing challenge
As part of a capex plan from suppliers in Italy, France and Germany, DEWA needed cost-effective external financing. But when an RFP was issued, the global financial markets were weak. Citi stepped in and facilitated USD1+ billion in financing – the first major multi-ECA financing for a quasi-sovereign from the UAE or Gulf Cooperation Council (GCC).
Michelin
Citi's unique payment and liquidity solution for Western Europe generates improved efficiency
Michelin wanted full centralization of its subsidiaries' cash, with a goal of zero-balancing for perfect cash optimization. Citi proposed a single, central, secured delivery channel and file format for all western European mass payments, including suppliers, payroll and tax.
MAPFRE
Citi's execution expertise accelerates an acquisition closing
When MAPFRE acquired The Commerce Group, a U.S.-based personal and commercial property/casualty insurance provider, for EUR1.5 billion (USD2.2 billion), the cross-border transaction required an experienced provider. Citi's accelerated the processing timetable facilitated payout of nearly 94% of the total consideration within seven days of the closing.
Peru LNG
Citi conducts an award-winning, landmark export finance transaction
Creating Peru's leading liquefied natural gas facility required the largest direct foreign investment in Peruvian history – a USD3.9 billion partnership. Citi acted as the onshore and offshore collateral agent, depositary and account trustee.
CitiDirect® BE Mobile
Chip and Pin Card
Intercompany Lending Management
Flu Care Card
Citi Treasury Diagnostics
New SEPA Direct Debit Solution
Citi Completes First Phase of Swift eBAM XML Pilot Program for Shell
Citi Teams With Experian to Provide SEPA Data Conversion Service
Spain: Citidirect Spain Offers Electronic Collections
Germany: New Centralized Payroll Solution for Expats
Poland: Cash Replacement service
Middle East: Citi enhances its presence
Kenya: Providing Banking Services for people without bank accounts
Nigeria: Citi has launched a "Pay at Bank" solution
South Africa and the UAE: Citi launches commercial cards
Cargo Network Services (CNS): Leveraging technology to improve collection efficiency
California Launches the Largest US Electronic State Tax Collection Platform
EMC Corporation: Increasing the efficiency and flexibility of global funds investments
Merck: Standardization of connectivity transforms global cash management
The American National Red Cross: Purchase Card Program
U.S. Department of Defense: The largest government travel card
State of West Virginia State Auditor's Office
Cytec Industries: Optimizing payment channels
Harvard University: Increased reliability with WorldLink®
NGO: Increased efficiency and security with WorldLink®
KitchenAid USA: The perfect blend of consumer incentives
Whirlpool Corporation® Integrated Incentive Program
Nigerian Bottling Company (NBC): Secure, transparent A/R management
SABMiller: Multi-currency cash concentration
Turkish Airlines: Cross-border target balancing
TAQA: Improving liquidity management
Bamburi Cement: Optimized supply chain and working capital
Dubai Electricity and Water Authority (DEWA): ECA-backed financing
Michelin: Payment/liquidity solution improves efficiency
MAPFRE: Accelerating an acquisition closing
Peru LNG: A landmark export finance transaction
