Reconciliation Solutions

Global organizations manage millions of payments received in multiple currencies via multiple instruments and channels. When payments are sent with incomplete or inconsistent remittance data, companies must manually gather information from clients and reconcile information from multiple sources—a labor-intensive and costly process.

Citi streamlines and simplifies the complexities of the accounts receivable reconciliation process, reducing administrative costs and days sales outstanding. Citi’s solution consolidates, enriches and structures receivables data in one electronic file. Enrichment capabilities include a virtual account solution, an automated payer identification service available in Asia and EMEA that embeds payer information in receivables data. Citi® Accounts Receivable Matching Services automatically matches payment information with outstanding open items, eliminating multiple manual processes and closing open items on the receivables ledger more quickly.

Citi® Accounts Receivable Matching Services

Citi extracts vital information from multiple payment modes and channels, and consolidates data in an electronic report that it uploads directly to the client’s ERP system. Citi works with clients to develop parsing, or customized rules that drive the collection, enrichment and consolidation of data. Citi’s advanced technology can further improve accuracy by gauging and correcting errors to ensure a higher match rate downstream..

With this solution, Citi matches receipts with open invoices, and returns an updated accounts receivable file at the client’s preferred frequency. This file includes an accurate, updated list of all outstanding items, providing clear, real-time visibility into your current receivables position.

Since a company’s business terms can allow for discounts, tolerances and commissions, Citi works with clients to build custom matching rules based on the specific needs and priorities of their business. Custom rules help clients achieve a higher match rate to close items quickly and reduce days sales outstanding.

As well as accelerating collections, Citi’s automated matching service eliminates the costly, time consuming process of manually matching and managing receivables, freeing personnel to concentrate on more strategic or productive tasks.

Benefits of Citi® Accounts Receivable Matching Services include:

  • Reduced administrative costs
  • Streamlined reconciliation process
  • Decreased days sales outstanding
  • Freeing of time and resources to concentrate on core competencies
  • Better visibility into your cash position with real-time insight
Citi® Virtual Account Solution

Currently available in Asia and EMEA, the Citi® Virtual Account solution is an automated payer identification service that streamlines reconciliation for electronic receipts. The solution begins with Citi assigning a unique account number to a client, and the client uses its ERP system to generate individual account numbers for all of its payers. The client then shares the list of generated virtual account numbers with Citi for identification purposes.

When the payer receives an invoice, he initiates payment to the virtual account number cited on the invoice. Citi receives the payment and will match the virtual account number to the client’s real account number in a fully automated process. Citi then credits the client’s real account number with the payment.

Benefits of Citi® Virtual Account include:

  • Fully automated payer identification service helps improve reconciliation rate
  • Embeds useful payer information in each account number
  • Eliminates the need to extract data from statements manually, freeing up resources
  • Provides real-time email alerts for incoming electronic funds transfers and exceptions

Click here for more information about Citi’s receivables solutions.