This global development agency focuses on international health and supports other actors to attain health objectives in an estimated 150 countries.
The agency wanted to rationalize its bank partners and bank accounts, improve reconciliation and minimize charges and transaction costs, including those associated with foreign exchange (FX) rates. It also sought to streamline payment processes by outsourcing check issuance. In addition, the agency required more effective client service, the ability to monitor check status electronically, and a way to reduce workload associated with following up on beneficiary claims of non-payment of funds transfers.
The solution integrates the agency's payment flows using Citi's global payment platform WorldLink® and its FX capabilities. The agency automatically funds payments from its main currency accounts and, for payments in other currencies, can purchase FX online without the need to maintain separate accounts in various currencies. WorldLink offers payments in over 130 currencies and enables the agency to take advantage of bulk FX rates through Citi, and agree on FX spreads for each currency in advance based on volume.
The agency outsources reconciliation and clearing of draft issuance to Citi, which tracks all items from printing of checks to final disposition. The agency does not have to manage multiple check stock for each currency: WorldLink checks are automatically printed in local format and currency where applicable. The solution enables the agency to obtain check status electronically and have Citibank conduct wire investigations for cases where the beneficiary claims non-receipt.
The solution, utilizing WorldLink, Citi's FX capabilities, check outsourcing and other components, has met all of the agency's global requirements. It no longer has to manage multiple banks, accounts and checkbooks, and has consequently simplified its processes, improved its efficiency, lowered its costs and reduced risk. The agency has also enhanced its visibility and control, with remote transaction initiation and comprehensive reporting and reconciliation. Users work on a single platform, enabling the agency to view real-time bank activity and achieve consistent payment execution. WorldLink's intuitive interface has reduced training time and given the agency access to information instantly without requiring support.