Citi Launches New Digital Trade Receivable Finance Solution
Solution Will Help Accelerate Monetization of Receivables from Weeks to Under an Hour
“The launch of
This new solution is an alternative to traditional paper-based Bills of Exchange (BoE) with a comprehensive end-to-end digital platform, streamlining and digitizing the flows within Citi’s proprietary receivables finance platform, CitiDirect. CDB enables parties to a digital bill (seller, buyer & Citi) to sign, accept, endorse and finance the digital bill in CitiDirect, thereby removing historical challenges such as fragmented manual processes, operational risks of collecting and safekeeping of paper documents, as well as delays in access to working capital. CDB unlocks the potential for quicker monetization of receivables, while bringing clarity and transparency for both sellers and buyers. CDB is not a negotiable instrument and is structured under contract laws.
For buyers, CDB enables them to gain visibility into the status of invoice approvals and access to digital bills at any time, leading to better tracking and management of transactions. It also connects buyers with key relationship banks efficiently, enhancing risk matching. This new digital solution makes it easy for clients to transition to the new system without major disruptions.
CDB is currently available to Citi’s clients in
About Citi
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of
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Media:
Harsha Jethnani
harsha.jethnani@citi.com
+65 6657 4892
Source: Citi