New York – Citi has been named by Celent as winner of the Model Bank 2021 Award for Commercial Payments. Two of Citi's recent payments solutions—Citi Global Collect and Citi Global Instant Payments—were recognized by Celent for the innovative way they have improved global payments practices, making them easier for Citi's clients.
According to Gareth Lodge, Senior Payments Analyst at Celent: "The Celent Model Bank Awards single out banks for transforming the industry in ways that deliver demonstrable business benefits. Citi has addressed customer pain points, bringing the bank's technology prowess to bear with the goal of making clients' business better. It is this combination of market-leading, if not global, technology firsts and client-centric design thinking, that makes Citi's solutions a worthy winner."
Manish Kohli, Global Head of Payments and Receivables at Citi's Treasury and Trade Solutions, said: "We are honored to be recognized by Celent. This demonstrates our commitment to invest heavily in new capabilities and enhance existing solutions, which have been invaluable to our clients during this pandemic year. As our clients increasingly transact globally, we are laser-focused on reducing friction, enhancing efficiency across the payments process and leveraging the strength of our proprietary network. Improving the client experience is at the core of everything we do."
Citi was the winner of the Celent Model Bank of the year in 2019 as well.
Citi Global Collect was selected as a winner in this year's Model Bank Award for Commercial Payments because of its transformative vision and innovative solution. By leveraging Citi's vast, global reach and renowned foreign exchange and payments capabilities, Citi Global Collect makes it easier for clients to collect funds from their international customers worldwide. The solution addresses the friction inherent in processing cross-border receipts by automating the end-to-end global accounts receivables process within a single platform—including digital invoice presentment, payment, FX execution, settlement and reconciliation. Packaged into a single platform, Citi's clients can improve operational efficiencies in business billing practices, achieve increased transparency over their global cash position and optimize working capital.
Citi's Instant Payment solution, comprised of both domestic and cross-border instant payments, empowers institutional clients to unlock the benefits of instant payments through a single global point of entry. Citi's domestic instant payment offering is underpinned by Citi's largest proprietary network and direct access to local instant payment schemes. It is currently available across 27 markets, with more countries planned for this year. There are two components to the cross-border solution: WorldLink Payment Services and Citi Network Instant Payments.
Citi's WorldLink Payment Services integrates its instant payment network and foreign exchange capabilities, enabling clients to pay overseas beneficiaries in their local currency with speed, efficiency and exempt of any intermediary or beneficiary bank charges. Citi is live with cross-border instant payments in India, Indonesia, Singapore, Thailand and the U.K. and is planning to add additional corridors. As digital ecosystems emerge and supply chains evolve, cross-border instant payments help improve the suppliers' and customers' experience, unlocking brand loyalty and improving supply chain relationships. Furthermore, Citi recognizes that enabling corporate treasuries to move money instantly helps improve day-to-day cash management and intracompany funding, reducing the cost of borrowing, leading to working capital efficiency. Citi Network Instant Payments enables its clients to move money instantly between Citi accounts across Hong Kong, Singapore and the U.S. in high values and 24/7 with pre-validation.
Celent is a global research and advisory firm for the financial services industry and recognizes financial institutions as 'model banks' for their outstanding technology initiatives. In order to win, the initiatives must demonstrate clear business benefits, innovation, and technology or implementation excellence.
Citi's Treasury and Trade Solutions (TTS) helps enable our clients' success by providing an integrated suite of innovative and tailored cash management and trade finance services to multinational corporations, financial institutions and public sector organizations across the globe. Based on the foundation of the industry's largest proprietary network with banking licenses in over 90 countries and globally integrated technology platforms, TTS continues to lead the way in offering a comprehensive range of digitally enabled treasury, trade and liquidity management solutions.
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.
Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi.
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