Citi’s Innovative Approach Recognized by the World Customs Organization
Bangkok - February 1, 2013 – Citi was honored with a special recognition award from the World Customs Organization (WCO) on Friday, January 25. Presented by Mrs. Benja Louichareon, Commissioner of the Royal Thai Customs Department, the award recognized Citi as a leading organization in innovation, progress and development within the field of customs management.
CitiConnectSM for Customs, Citi’s electronic payment module forming part of eCustoms, has not only increased efficiency and reduced customs clearance times through 24-hours-a-day, seven-day-a-week payments, but has also helped to reduce paper invoicing, conserving precious environmental resources. Since its launch in 2007, eCustoms has been a key productivity tool for Citi clients and maintains continuous growth year-on-year.
Jim Foley, Country Head of Citi Transaction Services in Thailand, receiving the award, said: “I’d like to thank the World Customs Organization and Royal Thai Customs for recognizing Citi’s contribution to driving efficiency through online electronic transactions. As an organization, we are continuously challenged to innovate so that we may provide our clients with the best possible products and services. This spirit of innovation helped us to develop our eCustoms platform, which in turn shortens our clients’ cash conversion cycle, improving efficiency and ultimately increasing profitability.
“It is only with a leading-edge partner such as Royal Thai Customs that Citi is able to achieve such innovation. The timing is particularly apt as very soon we will be rolling out CitiDirect® BE, our award-winning collaborative online banking platform, which integrates mobile technologies and next-generation security features. I’d like to personally thank Khun Benja and her team for their continued partnership and we look forward to working together closely in the future to provide further solutions for our clients.”
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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About Citi Transaction Services
Citi Transaction Services, a division of Citi’s Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 95 countries, Citi Transaction Services supports over 65,000 clients. In 2012, Citi held on average $428 billion in liability balances and $13.2 trillion in assets under custody.