Citi’s Treasury and Trade Solutions unit has launched Citi Integrated Payables Solutions, a holistic suite of analytics, advisory and payment services that are designed to assist organisations in optimising working capital and maximising efficiency across their complete supply chain.
The offering brings clients a holistic solution package that encompasses payment services such as core payments, supply chain finance and commercial cards. Other benefits include proprietary analytics, advisory services, client-to-bank connectivity channels and universal supplier on-boarding mechanisms, all of which are intended to will help to address an organisation’s continuum of suppliers.
The Bank says that, through using the service, clients are expected to be able to influence working capital, reduce total costs, minimise supply chain risk, and support their suppliers.
The new product suite is supported by Citi Working Capital Analytics, a program that uses proprietary algorithms and rules to analyse a client’s financial supply chain and produce multi-product recommendations on available opportunities. Findings can then be presented using Citi Interactive Solutions, which allows clients to explore recommendations and perform scenario modelling in real-time.
Data from Swift’s latest RMB tracker shows exceptional growth in RMB adoption in the United Arab Emirates (UAE), witnessing a 210.8% growth in payments value of the currency since August 2014, albeit from a low base.
SWIFT has announced that it has successfully completed the first phase of the global payments innovation (GPI) initiative pilot, clearing the way for the go-live of the service in early 2017.
Sentiment in the financial services sector deteriorated in the three months to September, as firms digested the challenges of lower interest rates and the uncertainty caused by the vote to leave the European Union (EU), according to the latest CBI/PwC Financial Services Survey.
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.