Coca-Cola Beverage (CCB), the Coca-Cola Company’s Korean bottling partner, has implemented a mobile collections solution from Citi’s global transaction services (GTS) business. According to the bank, the solution will eliminate the need for cash collections and make CCB’s receivables process more efficient.
Each month, CCB conducts over 200,000 cash transactions with its retailers, requiring a significant investment in time and effort, while being prone to errors and security issues. Following the implementation of the mobile collections solution, CCB has moved away from physical cash collection to a mobile-based settlement. This solution, which is being made available in a number of key markets to serve Citi’s clients across the region, also brings the added benefits of increased operational efficiency, enhanced liquidity risk management and maximisation and a safer, more secure collections method, said the bank.
"This is a key milestone in Citi’s digital roadmap for the transaction banking industry,” said Sridhar Kanthadai, Citi’s regional head, Asia-Pacific, treasury and trade solutions. “Leveraging our extensive experience in the FMCG sector, this mobile collections solution was designed to streamline and secure cash collection processes for companies like CCB, who will benefit from real-time online information management to significantly improve the order-to-cash process. Citi is working to launch this solution in key Asian markets, including China and India.”
“Citi understands our needs fully and their mobile collections solution is an excellent example of how a banking partner can help to resolve a client’s challenges and to bring added value to our business,” said a CCB treasury spokesman. “Citi’s innovative solution, commitment, and professionalism were in line with our expectations. We are very excited to launch the service by being the pioneer in the market, and we are happy to have a dedicated business partner like Citi.”
"We are very grateful for the opportunity to work with CCB to implement this unparalleled mobile collections solution in Korea,” said Leo Wan, Citi’s head of treasury and trade solutions in Korea. “Through this partnership, Citi continues to strive to deliver superior value propositions to our esteemed clients with innovative banking solutions, and also distinctively position these two iconic brands as catalysts for sustainable growth."
Citi’s GTS, a division of Citi’s institutional clients group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organisations around the world. With a network that spans more than 100 countries, Citi's GTS supports over 65,000 clients.