Innovation In Action
For Harvard University
Increased Automation, Reliability, Efficiency and Security with WorldLink® Payment Services
The oldest institution of higher learning in the United States, Harvard University is a private university in Cambridge, Massachusetts, and a member of the Ivy League.
Because reconciling multiple international "local account checkbook" payments can be difficult, the University sought to implement one consistent payment practice for its many campus and research 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.
As Harvard's global banking provider, Citi assigned its WorldLink® Payment Services team to implement a low-cost solution, using a single system to deliver payment transactions into local clearing systems in every currency required. The transition was invisible to payment beneficiaries, who now have the benefit of multiple payment options: funds transfer, remote checks, on-site checks or cross-border ACH.
Thanks to Citi's global reach, WorldLink's non-account-based solution eliminated the need for multiple local accounts. As one of the most comprehensive cross-border solutions in the marketplace, WorldLink's centralized web-based application provides flexibility and improved reconciliation, oversight and control. Harvard has streamlined its payments and reconciliation process end-to-end, reducing fees — and Citi's foreign exchange aggregation and consolidated funding further reduce costs.
Bottom line, by partnering with Citi for its payment needs, Harvard University and its many vendors enjoy increased automation, reliability, efficiency and security.