Solutions help accelerate monetization of accounts receivable from weeks to within an hour
HONG KONG, Oct. 28, 2024–(BUSINESS WIRE)–Citi launches Citi Digital Billing (CDB), a new integrated digital bill discounting solution that future-proofs centuries-old practices. did. CDBs significantly reduce complexity by eliminating the need for physical documents, courier services, and the movement of paper between multiple parties in different regions. For sellers, CDB provides a faster and more transparent way to manage their accounts receivable, reducing the time it takes to monetize accounts receivable from a week to less than an hour.
“The launch of the Citi Digital Building is a major advance in trade finance and marks a ground-breaking shift from years of paper and wet ink-based bill discounting practices,” said Citi Services. said Sanjeev Ganju, Global Head of Accounts Receivable Finance. “The Citi Digital Bill is a testament to our digital-first approach to enhancing trade finance solutions. By effectively leveraging the power of technology, we create significant value for our clients through increased speed and transparency. Continue.”
This new solution replaces traditional paper-based bills of exchange (BoE) with a comprehensive end-to-end digital platform that streamlines and digitizes flows within CitiDirect, Citi’s proprietary accounts receivable financing platform . CDB enables digital invoice parties (sellers, buyers, and Citi) to sign, accept, approve, and finance digital invoices with CitiDirect, eliminating fragmented manual processes, paper document collection, and Historical issues such as storage operational risks are eliminated. as delays in accessing working capital. CDB unlocks the potential for faster monetization of accounts receivable while bringing clarity and transparency to both sellers and buyers. CDBs are not negotiable instruments and are structured under contract law.
For buyers, CDB provides visibility into invoice approval status, anytime access to digital invoices, and better tracking and management of transactions. It also efficiently connects buyers with key partner banks and strengthens risk matching. This new digital solution allows clients to easily migrate to the new system without major disruption.
CDB is currently available to Citi customers in the US, UK and Ireland, with plans to expand to more countries in 2024, subject to necessary approvals.
About the City
Citi is a premier banking partner for institutions with cross-border needs, a global leader in wealth management, and a highly regarded private bank in its home market of the United States. Citi operates in approximately 180 countries and jurisdictions, providing a broad range of financial products and services to businesses, governments, investors, institutions and individuals.
story continues
