Citi China Launches Citi Mobile Collect Offering New Transaction Solution Echoes Global Strategy of Digitization
Shanghai – Citibank (China) Co., Ltd. ( “Citi China” ) today announces the launch of Citi® Mobile Collect, an advanced and innovative solution under its receivables solution suite. Together with E-Custom and E-Tax launched recently, Citi China is sparing no efforts to develop its digitalized solutions.
Citi China is the first and only bank to offer mobile collection in China, and is the first branch across Citi that utilizes its global mobile engine. The solution replaces cash collection with a secure, convenient mobile solution, settling funds in real time at the point of sale with immediate confirmation to both the buyer and seller, enabling customers in the consumer sector to directly collect from their distributors’ account upon SMS confirmation and deliver goods upon a timely credit advice via SMS. The solution is also scalable to customers in other industries with direct distribution models.
Yigen Pei, Head of Citi Treasury and Trade Solutions for China, said, “We are delighted to provide this innovative solution which will see a more efficient way of receiving payments from their distributors. We are also excited to achieve another first for China in pioneering this new receivables solution for the market.”
According to Pei, Citi® Mobile Collect can eliminate risks associated with cash collection. Settlement and confirmation of mobile collection are done in real time, thereby streamlining back-office and reconciliation processes, accelerating collections and optimizing liquidity with reduced processing cost as well as fraud risk.
Citi China launched the E-Customs service based on the National Customs Electronic Payment System at the end of 2012. Citi is the first foreign bank in China that supports electronic payments for Customs Duty. Citi China also announced the official launch of E-Tax service through TIPS (Treasure Information Processing System) for Beijing and Chengdu branches. TIPS is a China nationwide system introduced by People’s Bank of China (PBOC) that links tax bureaus, banks and national treasury, through which the local tax and national tax payment could be processed via the electronic channel.
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 Treasury and Trade Solutions
Citi Treasury and Trade Solutions (TTS), provides integrated cash management and trade finance services to multinational corporations, financial institutions and public sector organizations across the globe. With a full range of digital and mobile enabled platforms, tools and analytics TTS continues to lead the way in delivering innovative and tailored solutions to its clients. It offers the industry’s most comprehensive suite of treasury and trade solutions including cash management, payments, receivables, liquidity management and investment services, working capital solutions, commercial and prepaid card programs, trade finance and services. As of the first quarter of 2013, average deposits and other customer liability balances were $ 415 billion.
About Citi China
Citi first established an office in China on May 15, 1902, in Shanghai. In April 2007, Citi was among the first international banks to locally incorporate in China. Citi's locally incorporated entity is known as Citibank (China) Co Ltd, which is wholly owned by Citibank N.A. Today Citi is a leading international bank in China, and has thirteen corporate bank branches – in Beijing, Shanghai, Guangzhou, Shenzhen, Tianjin, Chengdu, Hangzhou, Dalian, Chongqing, Guiyang, Nanjing, Changsha and Wuxi and fifty–one consumer bank outlets. With operations in more than 160 countries around the world, Citi is the most global of all international banks in China.