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This growth is driven by multinational companies across industries continuing to use Citi’s solutions to help them improve operational efficiencies, reduce costs, speed time to market and enhance their digitalization initiatives. is. By 2022, there will be an 82% increase in account balances and a 33% increase in recruitment. Citi Virtual Accounts is a global solution that offers many advantages over traditional account structures, including:
We are pleased with the rapid adoption of virtual accounts by our customers. As a result, we are able to implement our e-commerce strategy and rapidly expand into new markets. In addition, we have invested heavily in our technology infrastructure. You don’t have to do anything,” he said. Stephen RandallGlobal Head of Liquidity Management Services, Citi Treasury and Trade Solutions.
Virtual accounts also help improve the client experience by automatically reconciling accounts payable and collections while providing a seamless onboarding experience, added Randall. Citi Virtual Accounts help speed your time to market for your clients. This is because there is no limit to the number of virtual accounts that can be added digitally on demand. This is done in a fraction of the time it takes to set up a traditional bank account.
Citi continues to invest in innovation to help our customers grow. Currently available in 16 countries across the US and Western Europe, Citi Virtual Accounts are offered in 41 currencies. Additional plans include launching in early 2023 in Asia Pacific treasury hubs in Hong Kong and Singapore. Six additional countries in Asia Pacific and Canada will follow throughout the year.
mat cornwallChief Financial Officer Chubb EMEAimplemented a virtual account 3 group entitiesexplains that this solution offers a wide range of benefits.
Citi provided a collaborative relationship with Chubb to deliver a virtual account solution effectively and within our timescale. We have been able to operate with a streamlined banking structure, centralized liquidity, improved administration and simplified reporting, as well as significant reductions in back-office administrative processes that have significantly improved efficiency.
hat groupis a UK-based e-commerce retailer that implemented virtual accounts to improve cash flow visibility. Ian ArmstrongThe Hutt Group accountant explained:
Working with Citi has made our transition to a more centralized in-house banking (IHB) model a seamless experience. Citis virtual account solution has enabled us to quickly implement our new account structure. This gives us access to market-leading payment networks, greater flexibility when recording intercompany positions, and greater visibility of various project cash flows within our operations. The success of our transformational journey is rooted in our relationship with Citi, and we look forward to continuing our collaboration.
Citi Treasury and Trade Solutions (TTS) drives client success by providing an integrated suite of innovative, customized cash management and trade finance services to multinational corporations, financial institutions and public sector organizations around the world. Based on the industry’s largest proprietary network foundation with banking licenses in over 90 countries and a globally integrated technology platform, TTS provides the industry’s most comprehensive digitally enabled financial, trade and liquidity We continue to lead the way in delivering sex management solutions.
