Citi is launching a suite of payroll payment solutions to further bolster its global payment capabilities. It said that the new offering will enable clients to standardise, centralise and automate their payroll payments, potentially making it possible to reduce overhead costs, increase payment control and achieve higher straight-through processing (STP) rates. Clients can access the payroll payment solutions through a range of market-standard and proprietary channels.
It said that the launch underscores Citi’s commitment to providing innovative and market-leading propositions for shared services centres and is another step in the group’s long-term strategy to support clients’ goal of improving efficiency by standardizing processes.
“Payroll is an area that has traditionally been handled in a fragmented, decentralised manner” said Karin Flinspach, Europe, Middle East and Africa (EMEA) head of payments and receivables, Citi Transaction Services. “We are seeing an increasing trend for companies to rationalise the number of payroll processes, providers and systems to yield significant cost savings, visibility and control in human resources (HR) – an area many corporations view as their largest and most critical cost centre.”
However, a London summit on the industry’s introduction of the technology cautions that testing and acceptance are still at an early stage and firms should proceed with caution.
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