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Citi introduces new payment processing technology

Citi has introduced an integrated and flexible payment processing system, Payment Exchange, to help clients implement strategies identified by its Working Capital Analytics tool.

The new system integrates multiple payment channels into a single platform, thus centralizes an organization’s payments processes, and creates greater efficiency and visibility into the cost of payments.

Available at no cost and only for Citi’s US clients, the system facilitates faster payments in less time and provides access to full reconciliation data.

Using the new payment exchange, payers can choose from value-added services, including full-service payee enrollment support or the ability to make payments through multiple instruments using a single file process.

The two systems collectively thwart transaction efficiencies with supplier payments, while providing optimum visibility and insight for better decision making, the US bank said.

Citi public sector and marketing North America Region head and global head of banks Julie Monaco said, "Citi Payment Exchange meets that need by helping clients electronify their organization’s end-to-end payments processes, reduce cost, and enhance customer and supplier relationships."

The bank’s Transaction Services delivers integrated cash management, trade, and securities and fund services to MNCs, financial institutions and public sector organizations in 95 countries around the world.