Treasury and Trade Solutions

Payments

At Citibank Pakistan, we recognize that corporate and financial institutions function in diverse regulatory, political, and cultural environments, constantly facing practical problems in payments and collections. Our experience in Pakistan combined with our ability to provide global solutions enables us to offer a full range of payments and collections solutions that help our clients to achieve operational efficiency and cash flow improvements. We deliver time critical information to you regarding your payments and collections which provides you with better visibility of your cash flows, in turn enabling you to make better supply chain decisions.

Raast Instant Payments

Raast offers a gateway to Pakistan’s first instant payment scheme, introduced by the State Bank of Pakistan, allowing Citi’s clients to send or receive instant payments.
Citi offers instant payment facility to its clients for transacting low-value high-volume transactions between all participating banks using “Raast”. Raast is a scheme operated by the State Bank of Pakistan which connects all banks and financial institutions for transacting money between their account holders. You can use Raast to send money upto PKR 1 million to any Raast member bank / financial institution in Pakistan, from 5:00 am to 10:00 pm Pakistan Time (Monday to Friday).

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Real Time Gross Settlements (RTGS)

Operated under the State Bank of Pakistan’s PRISM+ ISO20022 compliant system, all clients can use this facility to transact high-value payments between banks.

The PRISM+ operating hours are from 9:00 am to 3:00 pm Pakistan Time (Monday to Friday).

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Electronic Bill Payments via 1Bil

Citi has integrated with 1Link allowing you to execute payments to various billers in the country for a broad variety of purposes – including taxes, utilities, etc.

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Foreign Exchange Remittance - Digital Case Submissions

Citi provides its clients with the facility to submit online applications for FX outward remittances that may or may not require approvals from the State Bank of Pakistan.

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Electronic Receivables via 1Bill

Citi’s is integrated with 1Link to enable its clients to streamline collections through electronic invoice submissions via CitiDirect. This process allows our clients’ distributors/customers to initiate bill queries directly on 1Bill through their respective banks’ online banking platforms and make the payments seamlessly. Citi collects the funds on its clients behalf via 1Link.

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Direct Debits

Citi offers a single liaison point for its clients to monitor their collections. Direct Debit offers a network between Citi and its four agent banks to pull funds from the partner bank’s client’s account.

Using a single instruction sent across electronic channels, Citi will trigger your collections process and complete it on the same day.

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Citi has bilateral arrangements with 4 partner banks for direct debits.

Solution Overview

  1. Clienttransfers its direct debit files, containing distributor names and debit amounts to Citi via CitiDirect v3.
  2. Citi will conduct a file exchange with details of the debit accounts with partner banks.
  3. Partner banks will run direct debits with agents through debit instructions.
  4. Partner banks will place funds in Citi Collections accounts held with them on Day 0.
  5. Citi will credit client account held with Citi on Day 0.
  6. Citi will receive daily statements from the correspondent banks and send the customer a consolidated recon report on T0

Collections via Partner Bank network

Citi’s collection service allows clients to increase their collection footprint while working with a single bank, with the ability to customize their flow and give their distributors increased options.

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