Aitken Spence awards cash mandate to Citi

Citi implements a payment processing solution for the Sri Lankan conglomerate.

Sri Lankan conglomerate Aitken Spence has selected Citi for a payment processing solution. The solution, File Xchange, provides the company with an automated enterprise resource planning (ERP) integration service. According to Citi, the solution will help Aitken Spence enhance its payment processing by reducing the company’s dependence on manual process and create greater operating efficiencies.

“Citi has provided us with a unique, innovative solution to better integrate our ERP system to Citi’s banking system to facilitate the automation of our financial shared services function,” said Kavinda Wanniarachi, chief executive of the financial shared service centre at Aitken Spence.

Citi developed File Xchange to provide an automated solution for payment processing and account reconciliation for its clients that have established shared service centres. The solution offers a single secure delivery channel for payments and reconciliation, supporting payment requirements including global connectivity and standardised payments. In addition, it allows for automated processing of both large and small volume payments, statement delivery, reconciliation and the tracking of files from receipt through to payment execution.

“The expansion of our mandate with Aitken Spence demonstrates both our dedication to technological innovation and our commitment to offering our clients the highest level of service and partnership,” said Sridhar Kanthadai, Asia-Pacific regional head of treasury and trade solutions at Citi.

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