Frequently Asked Questions
- The buyer approves your invoice and sends payment instructions to Citibank
- Citibank sends you an e-mail that payment has been approved and will be released on a future date consistent with your terms
- You can access settlement details online to view or download the buyer's name, invoice number, amount, maturity date and other associated account remittance details
- As the supplier, you can automatically request that Citibank releases your funds early - two days after invoice approval - at competitive discount rates without recourse.
- Payments are transmitted by Citibank electronically
The Citibank price is the base rate plus a spread, where the base rate depends on the currency. For USD/EUR/GBP invoices the base rate is the London Inter Bank Offered Rate ("LIBOR"). We determine the fee to purchase your receivables based on the Citibank price, the value of your receivables and the period your receivable is outstanding. Generally, the fee works out to be well under 1% of the invoice amount – far less than it would cost you to fund this receivable, resulting in savings to you.
Base rates changes daily excluding days the markets are closed (weekends, holidays, etc.).
Once Citibank has received completed originals of the Supplier Agreement and Supplier Setup Form, you will generally have full access to the system within 10 days.
For assistance during the implementation, contact the Acquisition Specialist under the Sign-Up/Contact Us button
You will receive an email welcoming you to our program and providing you with your user id. Your password will be mailed separately for security reasons.
Please contact the buyer representative you normally do business with to ensure you are properly set up on the buyer side and that payments are due to you.
If you are a sole proprietor, we will need some additional information from you. Please contact your Citibank representative for details.
Our contract will allow you to terminate the service with 30 days written notice.
