Massachusetts

case studies
massachusetts
ecosystem
education
solution
efficiency optimization

Harvard University streamlines global payments and reconciliation

WorldLink solution eliminates multiple local accounts while centralized, web-based application provides flexibility, oversight and control

The challenge

Harvard University wanted a single payment practice to work across its many campus and research locations. This would eliminate complex reconciliation of multiple international local account checkbooks and ensure timely, accurate payment to vendors and suppliers.

The solution

As Harvard's global banking provider, Citi assigned its WorldLink Payment Services team to implement a low-cost solution. A single system was put in place to deliver payment transactions into local clearing systems in any required currency.

The transition to the new system was seamless for users, who can now choose between multiple payment options including funds transfer, remote checks, on-site checks or cross-border ACH.

The result

WorldLink's solution eliminated the need for multiple local accounts. The centralized, web-based application provides flexibility as well as improved reconciliation, oversight and control.

Harvard has successfully streamlined its payments and reconciliation process end-to-end, and reduced fees. In addition, foreign exchange aggregation and consolidated funding have helped reduce costs further.