Hong Kong, Singapore Citi today announced the launch of its Payment Analytics tool, a module within CitiDirect® BE, its next-generation online banking platform. The new service from Citi Transaction Services positions Citi among the first in the industry to provide an analytics solution that allows organizations to strategically manage their overall payables activities across multiple payment types, currencies and geographies.
Providing a consolidated view into payments data via scorecards and easy-to-read graphics, this critical business intelligence tool puts more control and visibility in the hands of clients, leading to increased accuracy, operational efficiency and productivity to capture opportunities to optimize working capital.
Conveniently accessed via CitiDirect® BE, its Payment Analytics tool can be customized to an organization's needs by applying filters such as time periods, accounts, geography, transaction status and currency type. While providing a high level graphical interface for at-a-glance summary views of key payment performance indicators, the tool offers drilldown data views of transaction level details to empower users to tailor reports that match their needs.
"By staying in firm control of their payables activities, organizations can mitigate a number of business risks," said Ebru Pakcan, Global Payments Product Head of Citi Transaction Services, "Citi has always been at the forefront of technology innovation particularly in online banking, and by leveraging the strength of our CitiDirect® BE platform, our new Payment Analytics tool allows clients to access relevant and actionable payables information for their global programs from one convenient location."
Citi's Payment Analytics is being piloted in countries throughout Asia Pacific with plans to expand globally.
Sandip Patil, Regional Head of Payments and Receivables, Asia Pacific, said, "Given the heightened demand for efficiency, clients are increasingly relying on actionable analytics and the release of their own working capital flows to fuel business growth. The emerging markets continue to witness a significant shift from paper to wire payments and this tool supports our clients' digitization efforts while providing them with the visibility of these gains now and into the future."
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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Citi Transaction Services
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's Transaction Services supports over 65,000 clients. As of the first quarter of 2012, it held on average $377 billion in liability balances and $13 trillion in assets under custody.