citi-picks-up-more-cash-management-mandates

Citi picks up more cash management mandates

The firm provides a tax solution to Royal Thai Customs.
In a unique cash management deal, Citigroup has linked up with Royal Thai Customs to launch an electronic tax payment service. The two sides signed a memorandum of understanding (MOU) on October 26 with Royal Thai Customs agreeing to implement Citigroup's CustomsConnect tax payment platform by later this month.

According to Citigroup, its CustomsConnect service allows both importers and exporters to handle customers' tax payments via the internet, thus reducing operational costs and increasing overall efficiency. The new service will run through CitiConnect, the bank's web-enabled financial services payments portal. The platform was developed to support the global move to e-customs and to offer a single point of entry for importers and exporters.

The service provided to the Thai government will also contain a 24-hours-a-day, seven-days-a-week payment service, which allows tax payments to be made after the bankÆs operational hours and provides an email alert for payment status.

ôThrough our partnership with Citigroup and our adoption of CustomsConnect, the
Customs Department will substantially enhance the operation, particularly in regards to the e-Customs initiative and the e-government policy of the Thai government. We look forward to a long and mutually rewarding relationship with Citigroup on this project,ö says Sathit Limpongpan, director general of Royal Thai Customs.

Citigroup has had a number of wins for its global transaction services business in Southeast Asia in recent months.

Recently, the bank announced that it won a mandate from Pertamina, Indonesia's state-owned oil and gas company, to help manage payments coming from airlines for aviation fuel. Using the bank's CitiConnect platform, airlines will be able to make payments to Pertamina electronically.

Elsewhere in Indonesia, Citigroup was mandated as the sole clearing bank for IATA Indonesia to help facilitate its cash collections requirements including setting up a designated counter at the corporate branch to take deposits from travel agents, partnership with third-party local banks and the post office as well as the setting up of sub-accounts for each agent.
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