Citi’s global transaction services has joined Syncada’s network to provide its clients with a solution to manage their accounts payables. According to the two companies, the processing and payment capability of Syncada -- which is a joint venture between Visa and US Bank -- will give Citi’s clients greater transparency, flexibility and control and will be part of Citi’s working capital and supply chain management offering.
“Adding Citi to the Syncada network is significant for us. As one of the world’s largest financial institutions, Citi has a well-founded reputation for smartly introducing innovative products and operating as a global bank with an operational presence all over the world,” said Kurt Schneiber, chief executive of Syncada, in a statement. “We look forward to working closely with Citi to enhance the service offerings for their customers.”
The Syncada network removes paper from invoicing and payments processes by converting invoices into electronic data. It also facilitates the financing of payables through a network of financial institutions. Citi can now offer its clients financing programmes through Syncada to better manage their cashflows, collect receivables quicker or increase days payables outstanding.
“Citi’s global presence compliments Syncada’s business strategy to create a global financial supply chain network,” said Schneiber. “It is our intent to work with our sponsor banks, including Citi, to enable Syncada network users the opportunity to grow globally.”
In other Citi news, the bank has opened a full-service consumer outlet at Chongqing Jiangbei International Airport in southwest China. Located in Chongqing’s new airport terminal, T2A, the outlet is the bank’s first full-service airport outlet in the world.
“Chongqing is an important gateway into western China,” said Andrew Au, Citi’s chief executive for China, in a statement. “Citi continues to extend and deepen our presence in cities around China in support of our vision of being the leading international bank in the world’s most dynamic economy.”
Citi opened an outlet in the People’s Square metro station in Shanghai last year and was the first bank in China to open a full-service outlet in the metro system. The station sees more than seven million people pass through each day.