Citi Perspectives Fall 2019

A sea change in customer expectations, in supply chain relationships, and in technology infrastructures are part of a zeitgeist where the hallmarks of success include speed, convenience and transparency — for both corporations and their banks. Instant payments. Instant receivables. Instant access to data. Instant reconciliations. Seamless and convenient experiences. They are all responses to a new business landscape where digitization, electronic commerce and immediacy rule the day. They are also part of a movement that is in full swing to move beyond traditional payment methods, such as checks and cash, to methods more befitting today’s hyper-connected, on-demand world. Around the globe, instant payment services and alternative payment methods, such as mobile wallets, have gained traction, redefining the standards for how, where and the speed with which payments can be made. Consumer demands drive corporate expectations In a culture fueled by technology we, as consumers, have come to expect — even demand — immediacy and convenience. We take instant messaging for granted. If we ask our smartphone assistant for something, the response must be immediate. We use online stores to make purchases 24/7 with a few keystrokes or screen taps and, increasingly, we are using our mobile devices to initiate these purchases. Not surprising, we expect to be able to pay for our electronic purchases instantly too. What’s more, our expectations as consumers have spilled into the corporate environment. Manish Kohli Global Head, Payments and Receivables, Treasury and Trade Solutions, Citi Instant is the New Norm Mega shifts are taking place in the world of commerce. 32