Citi’s global transaction services (GTS) is joining the Syncada from Visa network to provide Citi’s clients with a solution for managing transportation accounts payable (A/P). Designed to increase efficiency with transparency, flexibility and greater control, this processing and payment capability will be part of Citi’s working capital and supply chain management offering.
Citi provides on-the-ground expertise as well as access and experience within local and global markets. With its ability to manage end-to-end supply chain and cross-border flows alike through innovative financing options, Citi offers a wide range of supply chain finance programmes, such as Citi Supplier Finance, Citi Procure to Pay, Accounts Receivable Financing and Distribution Finance, to meet the growing and diverse needs of corporations in a changing marketplace.
“The Citi-Syncada partnership is an important part of our strategy to deliver ‘best-in-class’ solutions to our clients. Our award-winning supply chain finance platform and Syncada’s market-recognised expertise in this sector adds another dimension to our trade finance and payments products,” said Amol Gupte, North America treasury and trade solutions fead of GTS at Citi.
The Syncada Network processes invoices, makes payments, and facilitates the financing of payables through a network of financial institutions. Designed to handle all types of invoices and payments, Syncada offers solutions for general A/P and accounts receivable (A/R), as well as payments for more complex, audit intensive spend categories. With its specialised transportation payment solution, Syncada directly addresses the needs of companies facing the challenges of managing large supply chain operations via its online collaborative system. It removes the paper from invoicing and payment processes by converting all invoices into electronic data and routing those invoices through an electronic workflow.
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