Vodafone Essar has selected Citibank to process the company’s payments across India. Under the mandate, Citi’s Treasury and Trade Solutions, a unit of Global Transaction Services (GTS), will provide Vodafone with a fully-integrated payments outsourcing solution backed by state-of-the-art, customised technology. By consolidating its payments processing activity with Citi, Vodafone will gain the advantage of enhanced visibility of their banking accounts and control over payments across the country. Citi will also partner with Vodafone Essar in transitioning the majority of the latter’s payments from paper-based to electronic.
Citi will integrate with the client’s enterprise resource planning (ERP) system using SAP’s enterprise application integration platform, NetWeaver PI. As part of the mandate, Citi will also leverage its relationships with partner banks to offer locally payable cheques at over 1600 locations across the country.
One of the key differentiating features of the solution is the use of ISO XML 20022 as the payments file format. This will be the first time that any bank in India will implement this standard format.
V. Venkatesh, head-treasury, Vodafone Essar, said: “Having made significant investments in technology, we were keen to partner with a bank that could offer a truly open architecture-based solution. By leveraging its continually evolving technology and deep global expertise in transaction services, Citi’s solution for us demonstrates a clear understanding of our requirements and goals. Through experience and innovation, the Citi team has successfully structured and implemented a solution that truly enhances processes and provides value creation benefits to Vodafone.”
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.