Perspectives 2019 2020 Public Sector

Citi Perspectives 39 Gary Schneider Head of North America, Public Sector, Citi Kunal Bist Global Head of Cross Border Solutions, Treasury & Trade Solutions, Citi From the perspective of the government or public entity requesting a payment, the solution offers multiple benefits. They can easily schedule a payment request at a specific time and ensure that they receive the appropriate amount. Overall costs are lower as a result of reduced bank fees and the elimination of costs associated with handling cash and checks. Creating a domestic look and feel for international citizens and companies also increases the likelihood of timely payments. Perhaps most importantly, administrative work associated with invoicing and reconciling payments is significantly reduced. The government entity simply specifies the amount they want to collect, at what time, and sends it to the recipient of the invoice via the solution. The bank manages the rest of the procedure including reconciliation using AI and ML, making the domestic and global collection tools effectively a turnkey solution. Today, many businesses, governments and other entities struggle with the difficulties associated with domestic and cross-border receivables. Making payments as seamless as possible — for both the payer and receiver — must be a priority for banks, as this friction point will only increase as globalization accelerates. In line with Citi’s aim to be the digital bank of choice for clients, the bank is committed to fulfilling clients’ receivables needs and eliminating complexities wherever possible by leveraging industry-leading FX and payments capabilities as well as fintech partnerships.